Transit-Oriented Housing Safer From Foreclosures

New research from the Natural Resources Defense Council shows that the chance of foreclosure is higher in places with limited access to public transit.

The study looked at 40,000 mortgages in Chicago, Jacksonville and San Francisco, and also used data from the Center for Neighborhood Technology.

"The link became more obvious in looking at foreclosures after July 2008, when gas spiked over $4 a gallon, said CNT President Scott Bernstein, who studied foreclosures in the Chicago area. Bernstein found that gas price spikes provide an "early warning" of a rise in foreclosures in car-dependent communities.

'Nobody should be surprised this is happening,' said Bernstein, noting that the cost of a gallon of gas doubled between 2000 and 2008. 'In the suburbs, two or three cars and all that driving can cost more than the mortgage,' Bernstein said. 'If gas prices go up, some percentage of people will find those pressures to be too much.'"

Full Story: Can living near a train station save you from foreclosure?

Comments

Prepare for the AICP Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $199
Planetizen Courses image ad

Planetizen Courses

Advance your career with subscription-based online courses tailored to the urban planning professional.
Starting at $14.95 a month
Woman wearing city map tote bag

City Shoulder Totes

Durable CityFabric© shoulder tote bags available from 5 different cities.
$22.00
T-shirt with map of Chicago

Show your city pride

Men's Ultrasoft CityFabric© tees. Six cities available.
$23.00