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Real Estate
The Real Estate Adviser |
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January 15, 2009
The Real Estate Adviser: Foreclosed homes threaten neighbors
By Tom Kelly
Special to the Journal
Special to the Journal
Empty properties add no “life” to a neighborhood.
A significant number of vacant homes in a neighborhood attract crime and drive down the price of adjoining homes. They have no residents to support local businesses and government, they require more public safety dollars and community resources, and they make neighbors feel uneasy and unsafe. Most importantly, they drive down home prices for the entire neighborhood, igniting more forced sales and foreclosures. Once blight reaches a certain level, it's very difficult to turn around.
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Previous columns:
- The Real Estate Adviser: A new house still needs maintenance, 01-08-2009
- Real Estate Adviser: Seller financing is 'in' for 2009 home sales, 01-02-2009
- The Real Estate Adviser: Big story of '08: The mighty have fallen, 12-26-2008
- The Real Estate Adviser: Making memories of the holidays at home, 12-18-2008
- The Real Estate Adviser: Real estate will recover but it will be different, 12-11-2008
- The Real Estate Adviser: Seniors can now buy homes by using a reverse mortgage, 12-04-2008
- The Real Estate Adviser: Reverse mortgages up slightly as ‘jumbos' exit, 11-28-2008
- The Real Estate Adviser: Realtors offer plan to rev up housing, 11-13-2008