If the current numbers hold, Puerto Rico is headed for a foreclosure epidemic that could rival what happened in Detroit, where abandoned homes became almost as plentiful as occupied ones.
News Story (Puerto Rico)
New York Times (NYT)
December 16, 2017
READ THE FULL STORY HERE
Tags: Disaster Recovery, Housing: Foreclosure
Organizations mentioned/involved: Legal Assistance Clinic of the University of Puerto Rico
Puerto Rico’s 35 percent foreclosure and delinquency rate is more than double the 14.4 percent national rate during the depths of the housing implosion in January 2010. And there is no prospect of the problem’s solving itself or quickly.
“If there is no income, the people cannot make payments,” said Ricardo Ramos-González, coordinator of a consumer legal aid clinic at the University of Puerto Rico School of Law. “Thousands have lost their jobs, thousands of small business have closed, and thousands more have left the country.”