In many markets, home prices will recover and employment will bounce back to historical norms, but the impacts of the “Great Recession” will have lingering impacts on families and children, Canadian economist Miles Corak blogs.

Family income over 10 years can predict the adult incomes of children, Corak says. Not only are some children living in poorer families — meaning their own earning prospects are probably already diminished — but those who have been victims of foreclosure “also face the disruptions associated with changing schools, neighborhoods, and even cities. Frequent moves and a repeated loss of friends and networks lowers high school graduation rates and the adult incomes kids will ultimately earn.”

It gets worse: Corak cites a study by researchers at Columbia University and the London School of Economics showing an association between a drop in consumer confidence and a sixfold increase between 2007 and 2010 in the chances that mothers will hit their children frequently.

“Financial strain, whether subjective or not, taxes the energies of parents, and raises the likelihood of ‘authoritarian’ behavior, which involves strict adherence to rules, and unfair punishment to enforce them,” he concludes. Source: milescorak.com

 

 

 

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×