What are the hidden costs of the housing crisis?
January 21, 2009
Survey Results for 01/21/2009:
How long will it take for us to fully recognize the “hidden” costs of the economic crisis?
Two to five years
Five years or more
Half of our respondents this week are guessing that the ripple effects of our current economic crisis will continue to stretch across the pond for two to five years. The other half of voters say it will be longer than that, and perhaps reaching into never, before all the "hidden" costs emerge.
I did a little more research on this topic and came across a few other startling nuggets on the Internet. For example, this PDF calls our attention to the challenges displaced children will have as they develop. If foreclosure forces youngsters to relocate, this stress could cause "serious implications for kids’ later health and economic well-being," the report says.
And how about that connection between the unemployment rate and depression? This article points out that the World Health Organization warns that the current financial crisis may push more people to drink, use tobacco and abuse drugs.
Unfortunately, only time will tell.
Please email me to share any additional thoughts.