FFF ...... Obviously foreclosures pose problems for a 
neighborhood but today I was watching Fox News during a tornado (yes, that's right) and they were reporting these numbers:
Where do those numbers come from? I've been doing this for some time and I have never met anyone that could come up with a percentage to decide that! Who's @&& or hat are they pulling these figures from? Is it in the new appraisers handbook freshly dated June 2009?
Where does this stuff come from!
Who makes this up? Now granted, uninsured foreclosed properties, particularly condominiums, can be risky for property owners in nearby homes. If anything happens there is no one there in case a problem does occur. Neighbors just have to be more vigilant and 'participate' in their neighborhood or association. When things like this happen you have to pull together and help yourself by unfortunately taking care of the neighbors home or just watching out for trouble. Noticing water coming out from under a door in a vacant condo would be a good clue!
Vacant houses are vulnerable to vandalism, theft, squatters and accidental fires. If the property has an adjoining wall, the damage can be significant to your own home as well!
Another issue is that insurers can be very reluctant to offer insurance in condominiums or neighborhoods where there are empty buildings. Some [condo] buildings have such a stigma from the number of vacant units that insurers will not insure occupied units for fear of increased claim and assessment costs if a loss were to occur.
I'm sure to admit that it's not a good thing for ANY foreclosures to be in your neighborhood or on your block! I won't say that your property value goes down 6% with each one!
That just can't be veri'fff'ied!
Lyn Sims (847)230-7324 at RE/MAX Suburban
I proudly serve and sell real estate in the Northwest Suburbs of Chicago. If you are thinking about purchasing or selling your home in the communities of Schaumburg, Elk Grove Village, Hoffman Estates, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Bartlett, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.
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Foreclosure Figuring Formula or the 'FFF' ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com
I agree. This is a typical case of "correlation" data vs. "causation" data. There really is no way to validate.
Can't be proven or validated as you say. Thanks Thom!
Lyn...sounds to me like there is someone that has a personal agenda with info like that!
Bill: Doesn't make sense to throw out a number like that without backing it up on the news! The spot went on to tell about how the one group is fixing up these foreclosed homes and then selling them for less than what other neighbors paid for their houses (upside down). So the foreclosed homes get gutted & rehabbed and a person gets a pretty much 'new' house for 1/2 the price of a few years ago. This is east somewhere.