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ECONOMIC WARNING: “Eviction Crisis” Parallels The Sub-Prime Mortgage Crisis Of The Great Recession

Mac Slavo
March 28th, 2019
SHTFplan.com
Comments (17)

A new alarming parallel between today’s eviction crisis and the sub-prime mortgage crisis which helped spur the Great Recession has surfaced. The economy is sending warning signs to those who choose to take heed.

The eviction crisis is worsening to the point that Georgia State University authors feel that protections should be put in place to safeguard renters, such as longer eviction notices and legal protection, according to Market Watch. However, that could make the crisis much worse by homeowners simply refusing to rent their properties out at all. More government intervention (whether it’s designed to protect people or not) will only make a very bad situation worse.

Evictions have become a real visible effect of the volatility in today’s economy. Stable housing is increasingly out of reach for many Americans, as both rentals and homes to own grow more expensive, options dwindle, and wages remain stagnant. But some scholars at Georgia State University, in conjunction with a ProPublica journalist, completed a new study which shows that not all evictions are created equal.

The researchers who conducted the study examined “serial” eviction filings (those done repeatedly by a landlord against a tenant). By comparing serial evictions to ordinary ones, the researchers found patterns of landlord “behavior and intentions”, some of which are reminiscent of the worst of the housing crisis a decade ago.

As of right now, nearly half of Americans are “rent-burdened,” (0ften known as “house poor”) which means that they spend more than 30% of their income on rent, according to Market Watch‘s statistics. Homelessness is also on the rise and has been for quite some time. When it comes to children who have experienced eviction in the last decade in the United States, the numbers could be as high as one in seven.

Similarly to the foreclosure crisis that foreshadowed the Great Recession in 2009, there appears to be a race element that needs to be discussed. Evictions are currently disproportionately hitting African-Americans. Black women in Milwaukee, for example, were evicted at a rate three times their share of the population, and black renters in metro Seattle were evicted four times as frequently as whites there, according to earlier research. This data bears mentioning, but keep in mind, that there’s no reasoning behind the whys of these evictions.  If people aren’t paying rent, they will and should be evicted especially if a contract is signed.

“Filings can be the beginning of a forced removal process, but they are also frequently a tool used to enforce the collection of rent and fees,” the researchers noted. Which is incredibly fair, when taking emotion out of the equation. A contract is a contract, but this eviction crisis is a symptom of the larger problems with the economy rather than the media hyped narrative of “the rich are keeping the poor down” which was basically the conclusion of the Georgia State University study.

Protecting oneself and one’s family against eviction is usually as simple as having an emergency fund.  If you can, save up three to six months worth of expenses so that in the event of an emergency or decrease in income, you will not be breaking your contract (which is your word you signed off on) with a homeowner who has agreed to let you live in a home they own in exchange for a monthly fee (called rent.)

Saving can seem like a daunting task, but if you buckle down when times are good, a catastrophic emergency becomes nothing more than an inconvenience.

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Author: Mac Slavo
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Date: March 28th, 2019
Website: www.SHTFplan.com

Copyright Information: Copyright SHTFplan and Mac Slavo. This content may be freely reproduced in full or in part in digital form with full attribution to the author and a link to www.shtfplan.com. Please contact us for permission to reproduce this content in other media formats.

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17 Comments...

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  1. Montana Guy says:

    Great. More property rights control by Big Brother is just what this fallen republic needs. /sarc

    • Survived on my own says:

      You absolutely correct more rights for the worthless and the ones that “buy” more than they can afford!! God forbid the the blood sweat and tears of the owners who sacrificed everything get any rights!!!

  2. Whirled Peas says:

    Mark Slavo needs to be reminded of the world’s biggest lie:
    “I’m from the government and I’m here to help you.”

  3. HUD will end up with all real estate. They will redistribute it to the most worthy. Burn down the government. Save yourselves.

    • Anonymous says:

      All of the lazy, worthless oxygen takers that do nothing feel very entitled to a nice place to “kick-it” as well. Only kicking they deserve is my size 12 or 13 inch boot in their ass sideways. All of the so called “entitlements” are literally eating the country apart, inside out.

      • Starchild says:

        “worthless oxygen takers” sounds like a synonym for “useless eater,” which is a New World Order elitist term. Speaking of people in this way dehumanizes them, reducing them to subhuman status and preparing the way for unspeakable abuses.

        People who have the money yet won’t pay rent have been brainwashed by communists to feel entitled to housing whether they pay for it or not. It is the Franklin School subversive indoctrination of our government schools which we ought to be exposing and eliminating.

        Private property rights are the foundation upon which all our other freedoms rest. It is very important to protect the property rights of the owners of the housing. That said, it is also critically important that monopoly control of housing must be prohibited by local authorities if freedom and justice are to be available to all.

        • Anon2 says:

          Starchild says,“Speaking of people in this way dehumanizes them, reducing them to subhuman status and preparing the way for unspeakable abuses.”

          Just make sure it’s the right ones, k.

          A legitimate purpose for credit is to transfer wealth, which you already own, imo — not for demographic replacement.

    • Agree, Agenda 21/2030 in full throttle. People will be herded into stack and pack apts in cities and corp farming takes over.

      • Justice says:

        laura ann, our future will be like Judge Dread (the remake) if “they” have their way. Everyone will live in Mega Cities and eat “recycled food” because it good for the environment and okay for you.

  4. CAaT says:

    Use Dissenter to comment because this website does not post comments. If they wont play nice, lets takeaway their ability to control the conversation.

    Not nice of SHTFplan.com

  5. concerned-citizen says:

    Boy, what a mess. I mean it is just one thing after the next in this damn place anymore. I wonder if it has anything to with Corporate America paying the average person the same ridiculous salary as we were being paid say in the lmid-90’s for the Love of God come on. Corporate America ad it’s filthy GREED is helping ruin what is left of the middle-class and the damn country in general and then you toss in the leftists, socialist- retards and we are majorly screwed in and out of the anus with no lube so to speak. Get ready boys and girls – it is NOT going to be good when this massive septic blows!!!! So, so much of this boils down to sick, vile GREED – guess what they say, money is the root of all evil is very true after all.

  6. So if you link to the study, it seems to try and put the blame on the landlord for filing evictions; either to extract extra fees above the rent, or to keep the renter afraid of actually being evicted in order to get them to pay.

    How about some personal responsibility in paying your contracted rent on time instead of blaming the landlord? Your John Doe, a handshake, or even just your word used to be enough to seal a deal. Believe me, I know how hard it is to get reliable renters. That very fact drove me to sell my rental.

  7. True Grit says:

    The best way to not get evicted is to pay the rent!
    on time!

  8. aljamo says:

    Shocking that in 50 years this country went from affordable living to an all encompassing ripoff of the population. Born free and hyper gouged until death. The setup intensifies and is unstoppable except by total non compliance indicating the people are the power and rightfully call the shots. $7.25 federal minimum wage a total scam and what the government should earn as a treason wage.

  9. Asshat says:

    now a days the renter has more rights than the landlord. It shouldn’t be that way. Don’t pay your rent get the fuck out. I’d bet if they weren’t doing drugs they’d have the rent. Priorities. Stop accepting poverty wages. It’s your own fault.

  10. Comanche says:

    Creeping socialism, gives the dead beats and lowlifes more control over private property of others. The time is drawing near when it is not worth the trouble or expense to offer rental housing to people. Even so called “upper class renters” are reaching the limit…They want to live large but don’t want to pay their rent.

  11. Bilge Pump McCoy says:

    I spent a considerable portion of my life with very little money. But despite my financial situation I never missed a rent payment. I took on roommates when necessary and I always prioritized rent, utilities, and food. It’s been my observation that a lot of people that get evicted are the same people that do idiotic things such as buy new cars, spend money on a boob job, get tattoos, and buy Starbucks coffees every morning. Most of these people just need to listen to Dave Ramsey or get some one-on-one counseling until they get their priorities straight.