Foreclosed homes ravage Bronx
June 12, 2008 12:46PM
Nelson Avenue, Bronx
Bronx residents are angry that crumbling foreclosed homes are attracting squatters and decreasing the value of their properties. Homes within 500 feet of one foreclosed home can knock off 1.8 percent of the sale prices of surrounding homes, according to data from New York University's Furman Center for Real Estate and Urban Policy. Three to five foreclosed properties can take 2.8 percent off surrounding homes, and 20 or more foreclosed homes in a neighborhood can decrease sales by 3.7 percent, the center said.
[Post]
The Real Deal reserves the right to delete any comment it finds to be rude, obscene, racist, sexist, bigoted, irrelevant or repetitive, as well as inappropriate comments about anyone's personal appearance. The Real Deal does not endorse any comments posted on its Web site nor does it verify the veracity of comments or the identity of posters.
Comments
Tom Breest
I think a real estate turnaround is coming. According to listingsupply.com, MLS listings in the major US markets are starting to fall, and less supply should lead to price stability, and possibly, appreciation. Now that prices have really dropped, the glut of foreclosures should start to clear the market.
Comment #1 Posted By: Tom Breest 06/12/08