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Housing Market Crisis: Support to Soldiers and Families

Assistant Chief of Staff for Installation Management Strategic Communications. Housing Market Crisis: Support to Soldiers and Families. Supporting Families and Soldiers In the Current Housing Market.

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Housing Market Crisis: Support to Soldiers and Families

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  1. Assistant Chief of Staff for Installation Management Strategic Communications Housing Market Crisis: Support to Soldiers and Families

  2. Supporting Families and Soldiers In the Current Housing Market “Not only do I have to worry about staying alive, but now I got to worry about whether or not my family’s going to get kicked out of the house.” Staff Sgt. Daniel Escamilla Mortgage payments tripled while in his third combat tour in Iraq Source USA Today 04/24/2008

  3. BACKGROUND: Increasing variable home interest rates, plummeting home market values, historic numbers of foreclosures, and an overall economic turndown has combined to create the housing market crisis. • PURPOSE: • Provide information on the effect of the housing crisis on our Soldiers and their Families • Display the magnitude of the problem at installations • Provide guidance to assist Soldiers and Families • Review existing housing programs • Provide resources available to help 2 of 13

  4. Current Housing Crisis Affects Army Families • Rent • Owner of rental property foreclosed • Forces Family to move (unforeseen costs) • Own • Upside down mortgage (appraised value less than outstanding mortgage) • Directed moves (PCS) • Unable to sell or rent at current location • Forced into Short Sale • Foreclosure and pre-foreclosure • Unplanned Family separation (family remains at previous location) • Having to find housing at new location • Credit rating affected (ability to rent/buy new location) • Forced to pay two (mortgages / mortgage + rent at new location) 3 of 13

  5. Home Price Change History USA 1992- 1st Q 2009 (Federal Housing Finance Agency Housing Price Index) 5 of 15

  6. Fannie Mae Military Mortgage Data Selected Installations — 68% of Active Component Loans by Fannie Mae Northeast 0 4 0 0 0 1 5 3 1 0 0 3 1 15 0 1 3 7 0 9 15 7 2 0 16 13 3 6 4 Fort Lewis Dugway PG Fort Carson 840 25 962 23 0 30 6 4 0 1 7 15 9 13 Fort Hunter-Liggett 10 2 1 0 West 5 0 4 28 31 10 18 2 24 2 Redstone Arsenal Fort Campbell 10 Fort Sam Houston 208 110 0 0 5 4 Fort Bragg Fort Leavenworth Fort Riley 1 Carlisle Barracks Forts Eustis/ Monroe Fort Shafter/Schofield Fort Leonard Wood Fort Stewart Fort Jackson Fort Lee Rock Island SOUTHCOM Fort Meade Fort Gordon Fort Benning Fort Rucker Fort Wainwright Fort Richardson Fort Knox Fort Bliss Yuma PG Presidio of Monterey Fort Huachuca Fort Sill Fort Hood Red River AD Fort Hamilton Natick Soldier Ctr Fort Drum West Point Watervliet Arsenal Tobyhanna AD Fort Dix Selfridge Arsenal Picatinny Arsenal Fort McCoy 11 2 679 NCRD 6 64 1,807 486 5 14 12 321 242 1 10 11 8 3 0 160 36 1 0 4 26 1 21 421 13 1 2 13 368 1,292 269 8 12 233 4 481 361 15 4 9 1 219 6 2 8 629 93 19 4 467 97 76 3 2 11 1 0 4 0 0 3 2 76 10 63 19 11 13 60 60 77 19 265 105 48 12 6 0 0 16 1 133 683 2 1,146 2 2 0 1 1 1 0 0 0 1 5 1 9 21 0 0 19 6 6 2 10 1 1 1 984 18 Fort Polk 2 Pacific 9 232 2 14 Southeast Selected Installations Data 1 Number Current = 14,821 As of Jan 1 2009 2 Ft Buchanan, PR N = Total Foreclosed in State; Total Foreclosed All States = 332 Number Delinquent = 556 Sep 1 2005 - Jan 1 2009 10 of 13 Number Foreclosed = 120

  7. Key Message The nation is experiencing a housing market crisis. But the chain of command, military and civilian resources, and the Army One Source website can provide information to Soldiers and Families to help overcome most housing and financial challenges. THE ARMY CARES.

  8. How We Can Help 12 of 13

  9. HOUSING CRISIS RESOURCES • Websites: • Military OneSource: www.militaryonesource.com • Army OneSource: www.myarmyonesource.com • Military Homefront: www.militaryhomefront.com • Army Housing OneStop: https://onestop.army.mil • Automated Housing Referral Network: www.ahrn.com • Army JAG: www.jagcnet.army.mil • Housing Assistance Program (HAP): www.hap.usace.army.mil • Local and Installation Resources • Army Community Services (ACS) Financial Counseling: Offers spouse employment counseling. • Army Emergency Relief: Offers grants and loans for Soldiers who are renting off-post. Chaplain Support • TJAG Support • Housing Services Office: Provides a Preferred Tenant Program for those Soldiers and Families interested in renting off-post. The Automated Housing Referral Network offers listing that are targeted to military personnel and families. • Federal and State Refinance Programs 2 of 13

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