How Does Home Foreclosure Affect Home Vacancy?
Home Foreclosures and It's Affects on Home Vacancies
Home foreclosure rates have a direct affect on nearby property values through the supply effect. Residents currently living near vacant properties have a sense of mistrust and fear, from crime and youth that often claim vacancies for their own unlawful activities. This lowers property values, as respectable and law abiding home owners dislike these types of neighborhoods.
Vacancies in residential lots, just like in commercial properties, are showing heavy influence by the employment category and job market. With no jobs, many foreclosures are imminent as home owners cannot keep up with mortgages, medical bills, and basic necessities. This will increase home foreclosures in many areas, resulting in higher demanded home areas to tighten up, or have little to no homes available as a result of foreclosures in lower property areas.
In summary, home foreclosure rates have a domino effect on vacancies. It ultimately passes through lenders, percentages on supply-demand locations, and amnesty rates.
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