Protecting You Homes Value With Increasing Foreclo

While home foreclosures are on the rise, there is another side of this economic dilemma. Many investors are targeting foreclosures as profitable investments; unfortunately, this is not good news for most homeowners. Foreclosures are causing property values to decrease therefore reducing the value of homes that are not facing foreclosure. While people like to point out the good things about foreclosure, the key to preventing this from happing across the United States in too a avoid foreclosure in the first place.

Foreclosed homes invite vandals and a squatter looking for a place to go that is out of the weather. This spells disaster for neighborhood that has a high rate of foreclosures. Vacant properties will bring trouble and therefore drive property values down.

When lenders try to unload foreclosure properties as quick as the can, in many cases this means that lenders sell the properties at up to 40 - 50% of the market value. Even with properties selling this low, some foreclosures can remain vacant for an extended period. Just because the home is sold does not mean that there is someone moving in, many investors have vacant properties in there portfolio.

Here are a couple things that you can do to help protect the value of your home:

Keep your eyes open

Keeping watch of the properties in the area that have been foreclosed and are not vacant will help to keep your neighborhood free of vandals and squatters. Foreclosures are on the rise and thousands of homes a month are going into foreclosure. Keeping watch of the homes in your area will help keep the vandals from stealing appliances, damaging the property and forcing lenders to board up properties. Boarded up properties, are invitations to more trouble property values. Lenders will sell homes that have been boarded up for even less, just to move the property.

Do not panic and sell

Home ownership is a long-term investment, and while foreclosures are, on the rise, they will level out and the market will recover at some point. Remain calm and do not panic, no is probably not the time to sell your home especially if you are trying to make a little money. Home values are being driven down; buyers are looking to buy them cheap and below market value right now. In some cases you can still sell your home for a profit as originally planned, do not try to sell just because the local markets are flooded with foreclosures.

Home foreclosures are expected to rise considerably more in 2008, so hang in there, do not dump your house just because of foreclosures in your area. You bought it as a long-term investment to begin with, and this is a short-term problem. The houses market will recover at some point and your property value will likely rise once again.

Posted by Tom Waldrop on December 13, 2008 at 12:00 AM

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Tom Waldrop is affliated with Century 21, which is located in Mayfield, KY. For further assistance please use the contact information located on the right.

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Local Information for Mayfield, KY

Latitude: 36.737693 -- Longitude: -88.640122

ZIP Codes for Mayfield, Kentucky	42066
Area Code for Mayfield, Kentucky	270
Time zone for Mayfield, Kentucky	CST

Other Area Cities: Benton, KY Mayfield, KY

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As of the census of 2000, there were 10,349 people, 4,358 households, and 2,667 families residing in the city. The population density was 598.2/km² (1,549.8/mi²). There were 4,907 housing units at an average density of 283.6/km² (734.8/mi²). The racial makeup of the city was 80.57% White, 13.31% African American, 0.21% Native American, 0.37% Asian, 3.48% from other races, and 2.07% from two or more races. Hispanic or Latino of any race were 5.86% of the population. There were 4,358 households out of which 26.9% had children under the age of 18 living with them, 42.4% were married couples living together, 15.6% had a female householder with no husband present, and 38.8% were non-families. 35.3% of all households were made up of individuals and 18.9% had someone living alone who was 65 years of age or older. The average household size was 2.27 and the average family size was 2.89. -- Source: Wikipedia.com

Kentucky 2000 Census Population Profile Map

	Mayfield	Kentucky	United States
Population	10,349	4,041,769	281,421,906
Median age	39.1	35.9	35.3
Median age for Male	35.2	34.6	34
Median age for Female	43	37.1	36.5
Households	4,358	1,590,647	105,480,101
Household population	9,878	3,926,965	273,643,273
Average household size	2.27	2.47	2.59
Families	2,668	1,104,398	71,787,347
Average family size	2.89	2.97	3.14
Housing units	4,907	1,750,927	115,904,641
Occupied units	4,358	1,590,647	105,480,101
Vacant units	549	160,280	10,424,540

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Protecting You Homes Value With Increasing Foreclo

Local Information for Mayfield, KY

Latitude: 36.737693 -- Longitude: -88.640122

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