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Effects Of Mortgage Foreclosure In Real Estate
from:Even if you are not defaulting on your mortgage, you still may be feeling the effects of other mortgage foreclosure in real estate markets. It's estimated that multiple foreclosed homes in your neighborhood can affect a 1% drop in price, however, some neighborhoods in the states with the highest foreclosure rates have dropped significantly more than that. Is it all because of mortgage foreclosure in real estate or something more?
Additional Factors In Foreclosures
In addition to the loss for a lender, the reason most prices drop in neighborhoods is not strictly because one or two foreclosures. It's mostly because of the perception of loss that is associated with mortgage foreclosure in real estate. Foreclosures are sometimes easy to spot as the bank with board up the house and eviction notices posted on doors. Once that happens to one owner, others may follow and that's when it can become a neighborhood problem.
When there is a mortgage foreclosure in real estate, the owner who occupied the home often abandons the home or is evicted. Once they are gone, the mow doesn't get cut and the house starts to deteriorate from lack of maintenance. If the house remains empty for a long period of time, it can attract squatters and vandals. The copper piping might be stripped and the house damaged, reducing it's market value even further. Once there is more than one house that looks this way, nearby houses in the market can be seen as less desirable too – because the neighborhood has become less desirable on whole.
Effects Of Mortgage Foreclosure In Real Estate For Homeowners Associations
Another, often overlooked, effect is that the homeowners are no longer around to pay homeowners dues to the homeowners association. This means that as the homeowners association fund gets drained trying to keep up with foreclosed homes, other homeowners in the association may be asked to make up the difference. This can put a strain on the entire community and eventually, if the homeowners dues get too large, they can be a source of default too.
In terms of comparable market value, most realtors will use homes in the same neighborhood to estimate the value of your home, especially if they are part of the same homeowners association group. Once there are multiple foreclosures in the area, this can begin to drag down the value of the homes within the same homeowners association group. Even with their ability to foreclose on properties that fail to pay homeowner dues, this would be considerably more expense than most homeowners associations can afford.
Real Estate Foreclosure Listing Specific links
Real Estate Foreclosure Listing News
The 10 Worst Real Estate Markets in the U.S. - DailyFinance
 Boston Globe | The 10 Worst Real Estate Markets in the U.S. DailyFinance The prevailing fear is that prospective borrowers might fall into the same pattern of default and foreclosure. According to real estate research and ... Housing Market Still Fragile, Hinges On Job Growth South Florida foreclosures worst in US metro areas Foreclosures Continue To Dramatically Increase In 2010 |
Homes will sell if priced right; foreclosures have impact - USA Today
 Credit.com News | Homes will sell if priced right; foreclosures have impact USA Today Based on median list price, that translates into $218 more. "It's crazy," says Brendon DeSimone, a Realtor with Paragon Real Estate in San Francisco, ... Foreclosure market impacts other home sales |
Long Island agents learn how to sell homes in trouble - Newsday
 Newsday | Long Island agents learn how to sell homes in trouble Newsday A taste of his exact words was what Alan Hillsberg, a real estate investor turned short sales negotiator and buyer, gave about 200 real estate agents July ... |
Terrorist's Shelton house on auction block (video) - New Haven Register (subscription)
Terrorist's Shelton house on auction block (video) New Haven Register (subscription) ... on which a “Foreclosure” sign is displayed, is being sold “as is.” A 2008 real estate listing described the 1356-square-foot house on an 0.11-acre lot. ... |
Aunt Aggie's Farm: State Tells Niece To Back Off 100-Year-Old Woman Facing ... - Huffington Post (blog)
Aunt Aggie's Farm: State Tells Niece To Back Off 100-Year-Old Woman Facing ... Huffington Post (blog) On Friday, the Southtown Star reported that Gruzdis has been representing herself as a commercial real estate agent--but does not have a real estate license ... State to Aunt Aggie's niece: Back off |