Study - Cost to San Diego Neighborhoods and local Governments by Foreclosures

(San Diego) --In the City of San Diego, home foreclosures are costing homeowners and local governments millions of dollars, quotes the study by the Center on Policy Initiatives. This report, Foreclosure: the Cost Communities Pay, projects almost 57,000 foreclosures in San Diego over five years, and recommends the City take action to hold banks accountable for the resulting costs.

The study shows how one foreclosure in the neighborhood can cost $5-34,000 in maintenance, home (mold)inspections, sudden repairs, and other enforcement services. Since the crisis begin in 2008, the CPI found between $134-850 million has been spent. Homeowners near foreclosed homes have had their loss estimated at $19 billion. The loss from city revenue has been estimated at $117 million.