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Devaluation and De-Escalation

To measure the impact of foreclosures on property values, a study out of Chicago used a database that combines data on 1997 and 1998 foreclosures with data on neighborhood characteristics and more than 9,600 single‐family property transactions in Chicago in 1999. After controlling for some 40 characteristics of properties and their respective neighborhoods, the study's finding were that foreclosures of conventional single‐family (one‐ to four‐unit) loans have a significant impact on nearby property values. Our most conservative estimates indicate that each conventional foreclosure within an eighth of a mile of a single‐family home results in a decline of 0.9 percent in value.

Cumulatively, this means that, for the entire city of Chicago, the 3,750 foreclosures that occurred in 1997 and 1998 are estimated to have reduced nearby property values by more than $598 million, for an average of $159,000 per foreclosure. This does not include effects on the value of condominiums, multifamily rental properties, and commercial buildings.*

Keep in mind that although this study was based out of Chicago, living in Florida may only make you more susceptible to the impact of foreclosure. In fact, Florida ranked #1 in foreclosures Nation-wide at one point. See http://www.huffingtonpost.com/2013/07/12/florida-foreclosure-rate_n_3583732.html.

If anything it must be abundantly clear the necessity to help your neighbors, and help yourselves dig out from the sink-hole that is foreclosure by using one of our many services. Our clients, fight trials, diligently work at modifying their loans, battle to protect themselves from Debt Collectors who violate the laws and most importantly work PROACTIVELY rather than REACTIVELY in an effort to live debt free. Don't let your life be dictated by foreclosure and debt collection, come meet with one of us at Loan Lawyers, and see how we can fight for you!

*All findings can be attributed to Web of Science ®.

Categories: Foreclosure Defense
  • ABC News
  • American Civil Liberties Union
  • CBS 4
  • CNN
  • Daily Business Review
  • Florida Trend's - Florida Legal Elite 2014
  • Florida Trend's - Florida Legal Elite 2014
  • National Association of Consumer Advocates
  • National Association of Consumer Bankruptcy Attorneys
  • NBC News
  • National Consumer Law Center
  • The New York Times
  • Avvo
  • Avvo
  • Avvo
  • Avvo