If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

Suburban Blight typically is thought of as ill placed lawn knomes and pink flamingos. However, with the rash of foreclosures occurring, the blight is much more reminicent of what you would see in the inner city.

When homes are empty too long gangs and kids tend to take them over or vandalize the properties. Plus, homes need to be lived in for them to stay in tip top shape. The corrosive factor of an ill kept home in a neighborhood that has been foreclosed upon or is sitting empty will cost the whole community in resale value and quality of life.

Every time a neighborhood experiences 2.8 foreclosures out of 100 owner-occupied properties in a single year, crime there and in the surrounding blocks jumps 6.7%, according to a 2006 census tract study by the Georgia Institute of Technology and the Chicago-based Woodstock Institute. A related study by the same researchers concluded that homeowners lose 0.9% of their property value if they are within one-eighth of a mile from a conventionally foreclosed-on, single-family residence. A $500,000 home, for example, would drop $4,500.

“The value of your property is tied to the ability to sell it, and if somebody comes to your block and sees a property across the street with boarded-up windows, looking battered, that’s an exponential impact,” said Geoff Smith, one of the study’s authors. In densely packed communities, a concentration of foreclosures makes it even harder for other homes to sell, he added. via Los Angeles Times.

To do your part to protect your community, please  get a free trial at Foreclosure.com and see all of the foreclosures in your area. There is a 7 day free trial and you may find a deal that can be used to restore and repair a home that has been foreclosed upon and make some extra money at the same time.

Related posts:

1. FHA Waives 90 Day Financing Rule For Foreclosures and Other Properties
2. California Sales Up, Prices Down, 47% of Sales Foreclosures
3. Top 10 Metro Areas For Foreclosures, June 2008
4. Top Ten States For Foreclosures - March, 2008
5. Cash For Keys - A Way To Keep Foreclosures From Being Trashed