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Survey Paper - How Unemployment Rates in Certain Areas Affect the Foreclosure Rates on Homes

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Survey Paper

In the business problem surrounding the real estate environment, the learning team decided to investigate how unemployment rates in certain areas affect the foreclosure rates on homes. Since the United States is currently suffering from the worst economic state since that of the Great Depression. While there are many factors that contribute to the foreclosure rates, the unemployment rates in certain areas are predominant. The problem statement developed was to research if and how the high unemployment rates directly affect foreclosures and where the issues could have been avoided. Many banking institutions have admitted fault of mistakes in their paperwork on foreclosed properties. Some banks and lenders moved forward on foreclosures without even validating or reading the homeowner's documents.

The survey located in Appendix A addresses demographic information, income information, as well as information on their loans and foreclosure information. The first question was a basic nominal scale that categorized the gender of the surveyed. This question categorized them into a group of either male or female. The second question categorized nominally what age bracket the same individual was in. The third question was also a nominal scale by addressing what income range the individual fell into at the time of foreclosure. By assessing the dollar amount the purchase of the home, the fourth question is also a nominal scale that rates which level of property value the individual who foreclosed fell into. The fifth and sixth questions were also nominal scales that identified which group the mortgage loan and rate type each party had. The seventh and most important question out of the lot was the nominal distinction of what event took place that they believed was responsible for their foreclosure. This question would identify the direct effect of the unemployment rate being a major factor and directed affecting the unemployment rates in that particular area. The eighth and ninth questions were tied together, with the eighth question being a nominal scale grouping them into those that participated in the assistance programs provided by the government, and then an interval scale rating the assistance programs if they in fact participated. The tenth and final question was a ratio scale which asked the surveyed to distinguish and rank who they felt was most to blame for their individual foreclosure. The rankings were from 1 to 5 in this scale allowing them to rate themselves, banks/lenders, the government, homebuilders, and their realtor.

This particular series of questions question many different variables that are involved with the foreclosures. The types of loans and events leading up to foreclosure can determine how closely tied these two are and will also assist in determining whether the unemployment rate does in fact affect the foreclosure rate in a given area.




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