DSNews The homepage of the servicing industry
New research from Arizona State University (ASU) reports that the foreclosure crisis in the metro area of Phoenix, Arizona may have caused a shift in the population’s political views.
On Monday, Arizona Central news released an article discussing the soon-to-be-released research study titled Housing Distress Political Feedback Loop—and reports that as the housing crash affected demographics and crime, the author wanted to find out if it also affected politics.
The research delves into foreclosures, voter turnout, and changes in the political party vote margin by neighborhood and demographic groups in the metro area of Phoenix.
“Voters in neighborhoods hardest-hit by foreclosures were mad and often scared about their situation,” said the author of the study and ASU Associate Professor with the School of Geographical Sciences and Urban Planning, Deirdre Pfeiffer.
Therefore, this emotional distress may have an impact on which side majority of the metro area population votes for political parties.
According to the Financial Crisis Inquiry Report by Stanford School of Law, in the fall of 2010, in every 11 outstanding residential mortgage loans in the U.S. was at least one payment past due, a warning of potential foreclosure. In addition, distressed sales accounted for the majority of home sales in cities around the country—and one of those major cities included Phoenix, Arizona.
Although Pfeiffer's research hasn’t been published yet, researchers are already providing positive feedback to the study.
“Deirdre’s research is fascinating,” said Director of the Master of Real Estate Development program at ASU, Mark Stapp.
According to Stapp, researchers are still learning just how profound of an impact the foreclosure crisis had on people.
