Foreclosed homes ravage Bronx

June 12, 2008 12:10PM

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.

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