Nearby Homes Feel Effect of Foreclosures

Foreclosure homes vary in appearance from community to community. Some foreclosure sales are handled quietly and quickly resold by the lender for market value. One day a moving van pulls up, loads the occupant’s belongings and departs, shortly followed by a real estate broker’s For Sale sign. Few weeks later, a sold sign pops up and new owners move in.

In other neighborhoods, a foreclosed home might be boarded up and plastered with large signs advertising bank-owned or REO. Some of those homes might remain in an abandoned condition for years. The weeds grow high enough to cover sidewalks, pranksters throw rocks through second-floor windows, and the home becomes an eyesore, a dumping ground for used mattresses and automobile parts.


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