Each foreclosure costs $80K in collateral damage to neighborhoods
November Report about US Foreclosures
RealtyTrac’s 3rd quarter report of foreclosures in the United States has both good and bad news:
• Good news – cities who’ve been hardest hit for quite some time are seeing some foreclosure relief
• Bad news – 2/3rds of metropolitan areas have an increase in the # of foreclosures.
The same report shows a list of the top 10 foreclosure rates and they are all in these states:
See news source for more information about the report.
Foreclosures Have Collateral Damage to Neighborhoods
The Urban Institute estimates that every foreclosure now causes $79,443 in collateral damage to neighbors, financial institutions, investors and local governments, in addition to the foreclosed homeowner themselves (see news source).
A survey conducted last year found these impacts to communities and local governments:
- Approximately 80% said that the foreclosure crisis has resulted in an increase in citizen complaints over the past year
- The most frequent complaints were overgrown yards (87%), property damage (61%) and garbage dumping (47%)
- 88% do not plan to increase staff (code enforcement officers) to manage the overall problem
An updated survey on the impact of foreclosures is being conducted and will be reported on in a few months.
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