{"id":21862,"date":"2023-09-05T09:00:20","date_gmt":"2023-09-05T13:00:20","guid":{"rendered":"https:\/\/invisiblepeople.tv\/?p=21862"},"modified":"2023-08-21T09:29:55","modified_gmt":"2023-08-21T13:29:55","slug":"with-car-repossessions-rising-people-enduring-vehicular-homelessness-are-riding-on-fumes","status":"publish","type":"post","link":"https:\/\/invisiblepeople.tv\/with-car-repossessions-rising-people-enduring-vehicular-homelessness-are-riding-on-fumes\/","title":{"rendered":"With Car Repossessions Rising, People Enduring Vehicular Homelessness Are Riding on Fumes"},"content":{"rendered":"
A recent spike in car repossessions and\u00a0<\/span>home foreclosures<\/span><\/a>\u00a0has created a not-so-perfect storm for average-income earning Americans.<\/span><\/p>\n Many experts hold to the theory that we are not currently in a\u00a0<\/span>recession<\/span><\/a>. However, it\u2019s worth noting that the GDP rose at a much lower rate than projected, which suggests the US could enter a period of stagflation. While not the same as a recession, stagflation is still marked by high inflation rates and stalled economic growth.<\/span><\/p>\n This stalling of the US economy harkens back to the downturn of 2008, an era known to most as when the real-estate bubble officially burst.\u00a0<\/span><\/p>\n Today, in a post-pandemic economy where\u00a0<\/span>housing prices<\/span><\/a>\u00a0and inflation are at an all-time high and wages remain dismally stagnant, the bubble that might very well burst is a transportation bubble, as fewer and fewer American workers can even afford to live in their cars.<\/span><\/p>\n Data from the\u00a0<\/span>Fitch Ratings December 2022 report<\/span><\/a>\u00a0shows that the number of subprime borrowers who are 60 days or more delinquent on their auto loans has doubled since May of 2021, making auto loan delinquency an even bigger problem than in 2008.<\/span><\/p>\n Several factors are fueling this crisis. Among them are:<\/span><\/p>\n In September 2022,\u00a0<\/span>CBS News<\/span><\/a>\u00a0reported that car prices reached their highest average in history, with the average vehicle costing almost 50 grand. Dealership markups as high as $10,000 over the sticker price are common, and used vehicles are being priced up at an increased rate of approximately 11% year-over-year.<\/span><\/p>\n According to experts, more than 3 million would-be purchasers could not buy vehicles in 2020. Another 1.2 million car owners fell prey to repossession in 2022 alone. This trend has left many Americans falling behind \u2013 behind in the housing market, behind in the rental space, behind on their grocery bills and utilities, and also behind at the wheel.<\/span><\/p>\n In 2021,\u00a0<\/span>vehicular homelessness<\/span><\/a>, a social dilemma where an individual or family is forced to live out of a car, reached a historic high. Some experts have gone so far as to refer to vehicular residency as the \u201cnew form of affordable housing.\u201d<\/span><\/p>\n Now, with millions in danger of having their vehicles repossessed, there will undoubtedly be a growing population of people who can\u2019t even afford to live in their cars. Forget safe parking and social service programs.\u00a0<\/span><\/p>\n These individuals will undoubtedly be forced into even more obscure and dangerous variations of homelessness, such as sleeping right on the concrete where they once spun their wheels.<\/span><\/p>\n In addition to losing that family RV they once called \u201chome,\u201d a repossession also means being subject to a lack of transportation. Did you know that homeless people who lack transportation suffer from the following social ailments?<\/span><\/p>\n Lastly, it\u2019s important to note that a lack of transportation is proven to keep people who are already homeless stuck in the vicious cycle of homelessness. Their wheels might be spinning, but the destination of permanent housing cannot be achieved.<\/span><\/p>\n Not only could a slew of auto repossessions create more visible unsheltered homelessness for people who already have no place to live, but it could also force people not previously homeless out of a stable housing environment.<\/span><\/p>\n A 2014 study published by the Urban Institute identified a clear link between having access to transportation and having positive permanent housing outcomes.<\/span><\/p>\n The study, entitled \u201c<\/span>Driving to Opportunity<\/span><\/a>,\u201d compared two decades of housing voucher and automobile data. It concluded that vehicle ownership aligned with positive permanent housing outcomes for Welfare to Work voucher recipients. One of the study’s highlights comes in the following quote:<\/span><\/p>\n \u201cOver time, households with automobiles experience less exposure to poverty and are less likely to return to high-poverty neighborhoods than those without car access.\u201d<\/span><\/p>\n Likewise, losing access to an automobile through repossession can lead to all of the following negative outcomes that could potentially create more vulnerability to homelessness:<\/span><\/p>\n In 2022, just one year ago, President Biden claimed that some shifty politicians wanted to make working-class Americans\u00a0<\/span>too poor to afford cars to drive<\/span><\/a>. At the time, the quote got very little press.<\/span><\/p>\n In light of recent revelations, however, it seems some shifty politicians seek to pummel the middle class out of housing, driving, and sustaining even a modest life.<\/span><\/p>\n Please contact your local legislators and demand they make housing a human right before American workers are driven out of the housing market, the auto market, and the job market all at once.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" A recent spike in car repossessions and\u00a0home foreclosures\u00a0has created a not-so-perfect storm for average-income earning Americans. Many experts hold to the theory that we are not currently in a\u00a0recession. However, it\u2019s worth noting that the GDP rose at a much … Continue reading Pump the Brakes: Car Repossessions are Increasing at Accelerated Rates<\/span><\/h3>\n
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Behind the Wheel: New Car Prices Reach a Record High<\/span><\/h3>\n
Vehicular Homelessness is at its Peak<\/span><\/h3>\n
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Driving in Circles: How Losing a Vehicle Can Pave a Pathway into Homelessness<\/span><\/h3>\n
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Talk to Your Local Legislators Before It\u2019s Too Late<\/span><\/h3>\n