How Foreclosures Ruin The Block

In the last few years you have seen several foreclosed homes - in the last year there has been an average of 200,000 posted foreclosures per month.  A posted foreclosure doesn't necessarily mean the owner has lost the property - it means the bank has begun the procedure.

When a homeowner walks away from their home - several things happen quickly.  The property either goes into or continues in greater disrepair.  The disrepair lowers the ultimate amount the house may be sold for because the new owner has to do more to make it livable.  It also has an impact on your property, because you can't sell your stellar home for all it's worth if the place next door is decreasing rapidly in value.

You can also expect a foreclosed home to have a chilling effect on new homebuyers because there is an instant and impactful reminder that there but for the grace of God go they....

Banks were supposed to make arrangements with homeowners in distress, but that isn't happening as quickly as advertised.  I admit that many banks have such a store of inventory, they are swimming in distressed properties.  That should make banks more willing to deal.  The nation is suffering, and we won't find a solution sticking our heads in the sand and allowing it to continue.  When Wall Street catches a cold, Main Street catches the flu, and King Drive catches pneumonia - we have to work together to solve this problem.