|English term or phrase: full closure|
The result is that the impact of the crisis, if you look at the pattern of full closures, there are something like 3 million people lost their houses last year in the United States. Probably before this is all thru, somewhere between 6 and 10 million people will have lost their houses. If you look at where it happened, the initial wave of full closures occurred in two specific kinds of areas. One was the older cities of the United States, like Cleveland, Baltimore, Detroit. Tthere is a wonderful map of full closures in Cleveland, and it is very intensely concentrated. And then put the proportion of population in different senses tracked, so African-american is exactly the same.
Then US go on high gasoline prices, and suddenly they find themselves having very hard time paying for the gas, and paying for the mortgage, and so it gets this big wave of full closures in the peripheral areas of what we call sunbelt cities, which have a very different pattern from in Cleveland.
I don’t think it will, but for example, at the municipal level, I think that could well be moved against, which would be anti-eviction, anti-full closure movement. There have been some signs of that in cities like Boston, some people have organized, so that when they try to come and evict people, people will come and surround the house, and do things. So there are possibilities of that kind. But it has also to be connected, I think, with a reform of housing finance. And at this point Congress has done nothing to stop the full closures. And Obama promises to try to do something to hold back the full closures, but I don’t think it will be strong.