Neighborhood Foreclosures Affect the Price of Your Home!
Because the value of a home is calculated on the base comparable sales in
that area, if there is a foreclosure even in the vicinity of a home it can affect its value. One may still suffer a loss while trying to sell a home or while opting for refinancing, even if their credit is good. Invariably in an area which has witnessed a foreclosure, the value will come down.
An ailing real estate market manages to infect the whole economy, neighborhood by neighborhood and this makes it difficult for the borrowers to draw out cash from their homes. According to experts, if the borrowers are not able provide finance at lesser rates then this could lead to an increase in the number of foreclosures. Florida, California and Nevada are the three states that have seen the inflated prices of homes dropped the most.
Full article...Real Estate Foreclosure, Miami Beach Real Estate
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