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Or your home value will go down, because their are homes within eye sight that are in foreclosure?
Home Organizing & Cleaning / 5:24 PM - Friday February 10, 2012

Or your home value will go down, because their are homes within eye sight that are in foreclosure?

The house next door was repossessed last summer and the one across the street was a few months ago.

Update: February 10, 2012.
I am not looking to sell my house anytime soon. The previous question provoked thought with wondering if bank owned homes would lower the value of my home... The decline in the housing market has brought the value of my home and other homes in the area in which I live currently.

- Asked by msgg, Female, 36-45, Managerial

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I really firmly believe, if a person buys a home or refinances it, the value might be according to several houses in that neighborhood, averaging out, that were recently sold or refinanced? Does that make sense?

- Response by richard77, A Creative, Male, Who Cares?, Self-Employed

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I'm not sure .. but if they're not kept up and look bad .. that certainly would affect the neighborhood and resale.

But, people are looking to buy repossessed homes to get good deals. I'm sure most of them would use the extra money they saved on buying the homes to fix them up. That could be a good thing.

- Response by mrscleaver16, Female, 56-65

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nope.... your home devalues based on market conditions... more so than a foreclosed property.... because lets be honest ...some bank somewhere owns most of the homes in your neighborhood

- Response by boxer1, A Life of the Party, Male, 36-45, Self-Employed

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I lower property values.

- Response by stanorocks, A Guy Critical, Male, 36-45, Denver, Therapist

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Not after they are sold...........

- Response by rafiki910, A Mr. Nice Guy, Male, Who Cares?, Boston, Body Work

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There was once upon a time, 6 houses out of 11 on my street, that was up for sale. All have been sold but one. The prices have gone down when they were sold, because of the decline in the housing market. There is also 3 houses in foreclosure in the subdivision, so that will certainly lower the price even further.

- Response by richard77, A Creative, Male, Who Cares?, Self-Employed

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I got a neighbor who puts up a for sale sign a couple times a year, then she takes it down.
She has been doing this for 5 years now, so you see, I live near a fool!

- Response by kismet331, Female, 36-45

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If the grass started getting long, I would mow it before critters moved in and it started looking terrible. I think the banks should have to do this. They are devaluing your property if they don't keep up the homes. Many times they get broken into also.

- Response by kmf1, Female, 46-55, Minneapolis, Who Cares?

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I'm not sure that its bank owned homes "within eyesight", that bring down the value of your home. Unless they are unkempt.

I do know that if there are too many bank owned homes for sale in your general area, it means the market is still very slow and saturated, which will bring home values down.

We still have some forclosures for sale...but many more are occupied by the owners. And we've lots of folks looking! So...the trend is on its way up (for now anyways), in my area.

Eventually, the market will recover. It may take a few years, but it will recover. If you don't need or want to sell your home right now...then sit tight and don't worry. :)

- Response by mamom04, Female, 46-55, Seattle

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Sad to say but a value of a house near a foreclosed house(250 feet) will decrease up to 1%.

http://foreclosureattor neysnow.org/

- Response by sallymiller987, Female, 26-28

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