BluegrassForeclosure.com

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Foreclosure affecting home prices

WPSD Local 6: Imagine trying to sell your home and realizing it just isn’t worth what you thought it was.

That’s what lots of families are discovering and a local realtor said foreclosure is to blame.

If two homes are for sale, one for sale by owner and the other by a bank that desperately needs to get rid of foreclosed property, then a buyer will likely choose the foreclosed home because of the deep discounts offered. That’s good for the buyer but bad for the seller.

Now imagine other foreclosed properties pop up in the neighborhood. If they all sell for less than what they’re worth, a realtor said that brings down the value of similar houses in that neighborhood.

. . . A look at foreclosure numbers by state as of last month: in Kentucky one in every 1879 housing units received a foreclosure notice; in Missouri, one in every 1051; in Tennessee, one in every 949, and in Illinois one in every 480 housing units received a foreclosure notice last month.

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