More Neighborhoods with Vacant Homes Seen

Perhaps the second greatest fallout of US mortgage crisis behind its macro- and micro- economic effects is the rise in the number of vacant homes in many communities. Not only does this bring blight and visibly poorly maintained properties in neighborhoods, it also clearly lowers property values, cuts into municipal, county, and state property tax revenues; results in increase crime; and undercuts the social fabric of community among individuals and families in neighborhoods, particularly for children. Vast neighborhoods have scores of abandoned and foreclosed homes in communities across the nation, but is highest in California, Nevada, Arizona, Colorado, Ohio, and Texas. The impact of all this vacant property is also effecting developments in communities. Many developers have large inventories of undeveloped land and developments are being stopped in progress, resulting in homes being on streets with vacant land which usually results in a decline in those homes' values, spiralling more owners towards foreclosure, or more likely, abandonment, as having a mortgage notably greater than its home's value is not in a homeowner's interest. This problem is starting to grow noticeably as the number of foreclosed and vacated homes continue to increase nationally. This is a trend unlikely to change or be reversed for at least a few years and probably longer.

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