The impact of housing finance policies on the right to adequate housing of those living in poverty 2012, para. 29
Paragraph- Paragraph text
- The discrepancy between income levels and soaring housing and rental prices coupled with unemployment led to increased payment default, foreclosures and homelessness. These processes were exacerbated by the adoption of legal and institutional adjustments aimed at facilitating foreclosure, which have been promoted in recent years as "imperatives for developing a housing finance system". The paradigm that promoted homeownership as the most secure form of tenure has been proven false, as increasing foreclosure rates have been one of the main results of the recent crises. In Spain, more than 350,000 foreclosures have occurred since 2007 and in 2011, about 212 foreclosures and 159 evictions occurred daily. The crisis has disproportionately affected the poorest and most vulnerable, who were the "last" to join the mortgage markets and the first to suffer the consequences of the crises owing to their low resilience to economic shocks and low repayment abilities. Recent research indicates that the majority (70 per cent) of defaults in Spain are related to the unemployment crisis and that 35 per cent of the foreclosed properties belong to migrants.
- Legal status
- Non-negotiated soft law
- Body
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Document type
- Special Procedures' report
- Means of adoption
- N.A.
- Topic(s)
- Governance & Rule of Law
- Poverty
- Person(s) affected
- Persons on the move
- Year
- 2012
- Paragraph type
- Other
- Reference
- SR Housing, Report to the UNGA (2012), A/67/286, para. 29.
- Paragraph number
- 29
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