Life of Foreclosure Victims Suffer Despite Rise in Economic Growth

Life of foreclosure victims continues to suffer despite rise in economic growth in Santa Clara County in California. Their income had stagnated showing little signs of improvement even while studies revealed that business activity in the County had improved.

Working Partnerships USA announced at a news conference that the study on The Life in the Valley Economy was executed to evaluate the local working class and families. The same study conducted a year ago, meant to document the status of the middle class did not show any improvement in their lifestyle or their income.

The US economy was under the grip of a recession and it had begun to tell on Santa Clara County as well. According to a survey, the income of the average resident of the County had registered no growth in their income. It was also transparent that due to the foreclosure menace there were fewer middle-income families in 2008 than there were in 2005 and there was no noticeable inflation-adjusted growth after the recession since 2005.

The Study moreover revealed that, hand in hand with the foreclosure Genii, the job market, with the dot.com bubble burst, had shown little signs of recovery since 2005. Non-farm employment during July 2006 and July 2007 in the San Jose metro area had increased by two percent but employment created was still less by 144,700 from the number of jobs offered in July 2000. A continuous rise in population had added almost 2, 00,000 residents since 1997 although there was a severe unemployment in the County. The study confirmed that people occupied in gainful employment had dropped by 10 percent.

The foreclosure crisis in the country moreover had hit the bottom lines in Santa Clara County as well. According to Dataquick Information Systems 1275 mortgages went into default in the second quarter of 2007. The figure was said to be three times the figure registered in 2005 and more than double the number of defaults during the same period of 2006. Households with static incomes or foreclosure problems did not qualify for national funding even when the basic cost of living in Santa Clara County ran far above the national poverty line.

Unemployment, foreclosures, stagnant income and high cost of living had more families to live below the poverty line than had been documented nationally. Working Partnerships in collaboration with community-based organizations were all set to improve the financial situation of the County.

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