Your Neighbor's Home Foreclosure Does Af

iVillage Member
Registered: 01-29-2009
Your Neighbor's Home Foreclosure Does Af
11
Mon, 06-15-2009 - 11:43am

This year it is estimated that 69.5 million nearby homes will suffer prices declines as a result of a “neighborhood” foreclosure.

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Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Mon, 06-15-2009 - 3:16pm

As far as I

iVillage Member
Registered: 01-29-2009
Mon, 06-15-2009 - 3:31pm

Wow, that's great.

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Mon, 06-15-2009 - 3:43pm

In the Chicagoland area.

Avatar for sohappilyme
iVillage Member
Registered: 03-26-2003
Mon, 06-15-2009 - 6:01pm

My CITY has plenty of foreclosures, but the rural part I'm in wreaks havoc on the assessors. We have a few newer homes mixed in with 100+ year old farm houses (we're in the middle somewhere with a 260k home built in the 1950s). Some are worth 50k and others 600k. They can't get a handle on our area, although we've only had one foreclosure they call "local" to us. It's practically across the street, and had been mortgaged to up to 800k (too much) and when the bank sold it it went for 300k. In the three years since that happened, our home value has continued to rise.

Many of the neighborhoods in our city have taken a big hit, with prices dropping 20-40% across the board.

Sarah


sahm, wahm, homeschooling mom to

Sarah
iVillage Member
Registered: 07-10-2003
Mon, 06-15-2009 - 7:42pm

Maybe I am lucky to be living smack dab in the middle of student housing for our local university!

iVillage Member
Registered: 06-25-2006
Mon, 06-15-2009 - 8:02pm

My DH and I just bought our first home last October. We live in Massachusetts

iVillage Member
Registered: 08-04-2008
Mon, 06-15-2009 - 9:53pm

We are in Michigan, land of the 20% unemployment rate.




iVillage Member
Registered: 01-25-2009
Mon, 06-15-2009 - 11:33pm

What is the source of those statistics on education and unemployment rate?

To be completely honest, Marie, I know sometimes we do not see eye to eye, but I am 100% with you on education.

iVillage Member
Registered: 01-29-2009
Tue, 06-16-2009 - 9:40am

Wow, sounds like a diverse area you live in.

iVillage Member
Registered: 08-04-2008
Tue, 06-16-2009 - 12:01pm

Stats are from the University of Michigan Economic study - they are the same people who conduct the Consumer Confidence study and are underwritten by Reuters.


I was at a conference last week and saw the Economic presentation through May of 2009 in person.




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