{"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":"<p><span data-preserver-spaces=\"true\">A recent spike in car repossessions and\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/invisiblepeople.tv\/legislative-package-aims-to-expand-affordable-housing-and-solve-homelessness\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">home foreclosures<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0has created a not-so-perfect storm for average-income earning Americans.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Many experts hold to the theory that we are not currently in a\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/invisiblepeople.tv\/will-family-homelessness-increase-if-the-us-enters-a-recession\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">recession<\/span><\/a><span data-preserver-spaces=\"true\">. 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<p><span data-preserver-spaces=\"true\">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<p><span data-preserver-spaces=\"true\">Today, in a post-pandemic economy where\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/invisiblepeople.tv\/lack-of-affordable-housing-is-the-leading-cause-of-homelessness\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">housing prices<\/span><\/a><span data-preserver-spaces=\"true\">\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<h3><span data-preserver-spaces=\"true\">Pump the Brakes: Car Repossessions are Increasing at Accelerated Rates<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">Data from the\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.fitchratings.com\/research\/structured-finance\/established-subprime-auto-loan-abs-issuers-to-remain-resilient-in-slowing-economy-13-12-2022\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Fitch Ratings December 2022 report<\/span><\/a><span data-preserver-spaces=\"true\">\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<p><span data-preserver-spaces=\"true\">Several factors are fueling this crisis. Among them are:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">High inflation<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Unaffordable gas prices<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Wage stagnation<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">A nationwide decrease in available savings now that pandemic-era protections have been removed<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Higher prices for automobiles, with the average vehicle now costing 30% more than it did just three years ago<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Higher overall rates for auto loans<\/span><\/li>\n<\/ul>\n<h3><span data-preserver-spaces=\"true\">Behind the Wheel: New Car Prices Reach a Record High<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">In September 2022,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.cbsnews.com\/news\/new-used-car-price-kelley-blue-book\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">CBS News<\/span><\/a><span data-preserver-spaces=\"true\">\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<p><span data-preserver-spaces=\"true\">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<h3><span data-preserver-spaces=\"true\">Vehicular Homelessness is at its Peak<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">In 2021,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/invisiblepeople.tv\/mobile-homelessness-is-the-highest-it-has-ever-been\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">vehicular homelessness<\/span><\/a><span data-preserver-spaces=\"true\">, 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<p><span data-preserver-spaces=\"true\">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<p><span data-preserver-spaces=\"true\">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<p><span data-preserver-spaces=\"true\">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<ul>\n<li><span data-preserver-spaces=\"true\">Job loss due to inability to get to and from work<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Loss of financial and healthcare services<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Difficulty getting in and out of emergency shelters<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Inadequate bus routes make it challenging to access necessities such as food, toiletries, clothing, etc.<\/span><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">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<h3><span data-preserver-spaces=\"true\">Driving in Circles: How Losing a Vehicle Can Pave a Pathway into Homelessness<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">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<p><span data-preserver-spaces=\"true\">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<p><span data-preserver-spaces=\"true\">The study, entitled \u201c<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.urban.org\/sites\/default\/files\/publication\/22461\/413078-Driving-to-Opportunity-Understanding-the-Links-among-Transportation-Access-Residential-Outcomes-and-Economic-Opportunity-for-Housing-Voucher-Recipients.PDF\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Driving to Opportunity<\/span><\/a><span data-preserver-spaces=\"true\">,\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&#8217;s highlights comes in the following quote:<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\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<p><span data-preserver-spaces=\"true\">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<ul>\n<li><span data-preserver-spaces=\"true\">Job loss<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Limitations on employment locations based on transit routes<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Inability to work shifts during times when transit isn\u2019t running<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Bad credit as a result of the repossession can pose barriers to obtaining housing even if the person remains employed after their car is confiscated<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Loss of savings due to repossession charges, storage fees, and more<\/span><\/li>\n<\/ul>\n<h3><span data-preserver-spaces=\"true\">Talk to Your Local Legislators Before It\u2019s Too Late<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">In 2022, just one year ago, President Biden claimed that some shifty politicians wanted to make working-class Americans\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/nypost.com\/2022\/01\/07\/biden-claims-republicans-want-to-make-people-too-poor-to-buy-cars\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">too poor to afford cars to drive<\/span><\/a><span data-preserver-spaces=\"true\">. At the time, the quote got very little press.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">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<p><span data-preserver-spaces=\"true\">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":"<p>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 &hellip; <a href=\"https:\/\/invisiblepeople.tv\/with-car-repossessions-rising-people-enduring-vehicular-homelessness-are-riding-on-fumes\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":21,"featured_media":21863,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[274],"tags":[17006,634],"coauthors":[8785],"acf":[],"_links":{"self":[{"href":"https:\/\/invisiblepeople.tv\/wp-json\/wp\/v2\/posts\/21862"}],"collection":[{"href":"https:\/\/invisiblepeople.tv\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/invisiblepeople.tv\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/invisiblepeople.tv\/wp-json\/wp\/v2\/users\/21"}],"replies":[{"embeddable":true,"href":"https:\/\/invisiblepeople.tv\/wp-json\/wp\/v2\/comments?post=21862"}],"version-history":[{"count":4,"href":"https:\/\/invisiblepeople.tv\/wp-json\/wp\/v2\/posts\/21862\/revisions"}],"predecessor-version":[{"id":22003,"href":"https:\/\/invisiblepeople.tv\/wp-json\/wp\/v2\/posts\/21862\/revisions\/22003"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/invisiblepeople.tv\/wp-json\/wp\/v2\/media\/21863"}],"wp:attachment":[{"href":"https:\/\/invisiblepeople.tv\/wp-json\/wp\/v2\/media?parent=21862"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/invisiblepeople.tv\/wp-json\/wp\/v2\/categories?post=21862"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/invisiblepeople.tv\/wp-json\/wp\/v2\/tags?post=21862"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/invisiblepeople.tv\/wp-json\/wp\/v2\/coauthors?post=21862"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}