In 2014, Kerry Jefferson put a down payment on a home in Flint, Mich. Putting in more than $7,000 worth of remodeling projects into the home including new cabinets, paint, new copper pipes, and a new kitchen she is now struggling to sell the home. In October of 2014, she listed the home for $48,000. She's now having to settle for $38,000. Since the news broke of Flint’s lead water crisis, listing prices on the average home have dropped to about $6,000. This equates to a 10% drop each week since the news broke.

For homeowners, however, an even bigger headache emerged earlier this month as potential home buyers and sellers in Flint have also been smacked by a requirement by the government’s biggest backers of mortgages, Fannie Mae and Freddie Mac, that lenders must certify through the appraisal process that the home’s water is safe before the agencies insure a loan made on the property.

Latino Affairs Director at the Center for Responsible Living, Aracely Panameno told Market Watch,

“The impact on homeowners is far-reaching. In the absence of comprehensive infrastructure improvements, they face significant losses in property value without any prospect of recovery.”

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