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 Rich Maxfield on December 13, 2008 at 12:00 AM

About Rich Maxfield
Rich Maxfield is affliated with Coldwell Banker Res., which is located in Clearfield, UT. For further assistance please use the contact information located on the right.

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Local Information for Clearfield, UT

Latitude: 41.106511 -- Longitude: -112.024182

ZIP Codes for Clearfield, Utah	84015 84016 84089
Area Code for Clearfield, Utah	801
Time zone for Clearfield, Utah	MST

Other Area Cities: Clearfield, UT Ogden, UT Kaysville, UT Layton, UT

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Clearfield is a city in Davis County, Utah, United States. The population was 25,974 at the 2000 census.and in 2004 was estimated at 27,227. The city grew drastically during the 1940s, with the formation of Hill Air Force Base, and in the 1950s with the nation-wide increase in suburb and "bedroom" community populations and has been steadily growing since then.As of the censusGR2 of 2000, there were 25,974 people, 7,921 households, and 6,265 families residing in the city. The population density was 1,294.0/km² (3,351.9/mi²). There were 8,374 housing units at an average density of 417.2/km² (1,080.6/mi²). The racial makeup of the city was 83.18% White, 3.61% African American, 1.61% Native American, 2.81% Asian, 0.28% Pacific Islander, 4.84% from other races, and 3.67% from two or more races. Hispanic or Latino of any race were 10.58% of the population. -- Source: Wikipedia.com

Utah 2000 Census Population Profile Map

	Clearfield	Utah	United States
Population	25,974	2,233,169	281,421,906
Median age	24	27.1	35.3
Median age for Male	23.4	26.7	34
Median age for Female	24.6	27.7	36.5
Households	7,921	701,281	105,480,101
Household population	24,703	2,192,689	273,643,273
Average household size	3.12	3.13	2.59
Families	6,262	535,294	71,787,347
Average family size	3.51	3.57	3.14
Housing units	8,374	768,594	115,904,641
Occupied units	7,921	701,281	105,480,101
Vacant units	453	67,313	10,424,540

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Protecting You Homes Value With Increasing Foreclo

Local Information for Clearfield, UT

Latitude: 41.106511 -- Longitude: -112.024182

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