Foreclosures have always been around, but not nearly in the quantity we’re seeing today. Foreclosed homes in markets that have been hardest hit by the downturn in the real estate boom are affecting entire neighborhoods.
Once a home is foreclosed, the signs of abandon start to show within just a few days. Grass starts to grow out of control, boards on the windows, and other signs of neglect create an eyesore for those living around the property. However, this can soon grow into an even bigger problem if the property is left in this state for too long.
Many neighborhoods around California, Florida, Nevada, and Arizona are seeing an increase in squatting, crime, and vandalism in foreclosed homes that have sat unoccupied for months. Police in many communities around California are finding that drug dealers are using abandoned homes to grow marihuana. Pools that have been left half full are becoming a breeding ground for mosquitoes, which in many cases can carry tropical diseases such as the West Nile Virus.
Perhaps the worst immediate effect is the loss in the property value of homes around the neighborhood. As more homes go into foreclosure in a specific neighborhood, it becomes more difficult for homeowners to sell their units. While Chicago hasn’t seen as much of an increase in foreclosures as other markets, buyers are starting to have more foreclosed Chicago Homes For Sale to choose from, which affects us all.
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