Your neighbor’s foreclosure directly impacts you. According to a Center for Responsible Lending report, foreclosures lower the property values of nearby homes by $7,200 on average. Some neighborhoods with high number of foreclosed property may be impacted by much higher decline in value.
Vacant homes invite crime and public services suffer as revenue from property taxes dries up. Foreclosure means lost revenue for local governments. A foreclosure process can drag out for months or even years. Homes can sit unoccupied during this time, especially in neighborhoods experiencing high volume of foreclosures. The result can be a collection of homes with overgrown lawns, and closed windows that depresses residential sales activity in the neighborhood.
You might not be able to prevent foreclosures in your community, but you can take steps to minimize some of the impact. Consider starting a neighborhood watch to rally residents, engage local law enforcement, and discourage criminals. Call your local government to find out how to get involved!
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