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"Foreclosure homes for sale" is not a sign you want to see in your neighborhood -- especially if it's more than one or two. Why? The foreclosure crisis presents problems beyond the Wall Street banking and mortgage mess; it changes the quality of the lives of citizens in normally safe, mainstream neighborhoods.
Following are four residual effects -- the collateral damage, if you will -- of the foreclosure crisis.
Fragmented Neighborhoods: One of the advantages of buying a home and putting down roots is that you get to know who your neighbors are. They look out for you and you look out for them. When you go on vacation, there's someone to water your plants, pick up your mail and take care of your dog.
But when foreclosure homes for sale are occupied by non-owners (eg, renters, squatters, vagrants, Section 8 tenants, etc.), for the most part, it fragments the neighborhood. You don't get a chance to form that all-important bond that makes a "neighbor."
As noted in the 2002 USA Today article, Rising foreclosures reshaping communities: "As homes fall into foreclosure, a neighborhood frequently turns more transient . . . When investors buy [foreclosed homes] and turn them into rental property, it can be Section 8 (a government rental assistance program). Not that there's anything wrong with that, but folks come in from a different background with different expectations and don't have the means to keep up the place."
This brings us to the next problem when neighborhoods have to deal with a glut of foreclosure homes for sale . . .
Feeling Unsafe: One of the most comforting things about living in a neighborhood where most of the homes are owner-occupied is that people stay put. When there's constant turnover, even if there's no actual crime, it's the idea of not knowing who your neighbor is and what they're all about that can make you feel unsafe.
Again, you don't get a chance to forge that all-important neighbor-to-neighbor bond that homeowners who stay put tend to share.
Actual Crime: Hand-in-hand with high foreclosure rates tends to be a rise in crime. Although to be fair, this probably has more to do directly with job losses. But it is indirectly related because why do people go into foreclosure in the first place? Because they can't pay their mortgage -- because they lost their job.
It's a cyclical beast that affects everyone, tearing at the very fabric that makes a neighborhood a neighborhood.
School Deterioration: Homeowners pay property taxes, which fund a county's school system. When foreclosure homes for sale dominate the market, it means that there's less money being paid into a county's coffers.
Foreclosure cleaning companies help neighborhoods get back on track by cleaning out foreclosed homes for sale and getting them ready to be sold to new homeowners -- and thereby ending the vicious turnover cycle.
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