America" s Neighborhoods With The Highest Number Of Foreclosed Homes
Reading about foreclosures many communities feel that it is something that only happens there, in the newspapers and in other communities and states. However, foreclosures are something that can and do hit just about every single market. The influence of these on each market is different so if youre suffering as a result of all the foreclosures, you may find solace in knowing there is probably another neighborhood suffering more than yours if it is any consolation.
Los Angeles is one of these cities where individual neighborhoods are impacted differently depending on the location. Bel Air is faring better than Glassell Park for example. Glassell Parks home values have fallen close to 50% for a base value of $225,000 while in Bel Air this number is only a bit better at 31% of the homes values falling which equals to a median value of$ 1.5 million.
San Diego California is yet another city where home values have fallen different rates depending on the neighborhood the home is actually located in. University Heights residents have seen values of their homes fall 25% which seems quite bleak but in comparison to Horton Plaza they are doing quite well because home values in this area have fallen by more than 56% to a median price of $612,500 on average.
Falling prices are not always self explanatory just by the numbers though. The neighborhood of Greenwich Village which is in NY has seen prices decrease 45% which is almost half but if the price per square foot is analyzed, the drop is only 4%. These numbers show that the sales in the area are just for properties that are less expensive and do not necessarily show that prices for homes have dropped a significant percentage.
Sales themselves are quite low in Manhattans luxury areas though by over a quarter at 26%. The number of sales since last year has dropped to less than 50% of the previous year. These numbers are in this range due to unemployment rising, the economy being in a recession, and the fact that lenders are making it more difficult to get approved for financing.
It is quite difficult for anyone to get approved for loans because of the credit crunch. The government offers financing for people but the limits placed on the loans can make it difficult for higher priced homes to get sold. The government places a limit of $729,750 on loans so individuals who want to buy homes in expensive areas need to be able to get financing through other channels.
Many people think that the home market is improving but the incentives that keep it flowing are the true reason such as government tax credits for first time buyers and the fact that foreclosures are also some of the sales. These making up the majority of the sales cover up the current lending problems and the inventory that is currently available.
The summer looks like it is going to be bleak for the home market just like spring as well.
Los Angeles is one of these cities where individual neighborhoods are impacted differently depending on the location. Bel Air is faring better than Glassell Park for example. Glassell Parks home values have fallen close to 50% for a base value of $225,000 while in Bel Air this number is only a bit better at 31% of the homes values falling which equals to a median value of$ 1.5 million.
San Diego California is yet another city where home values have fallen different rates depending on the neighborhood the home is actually located in. University Heights residents have seen values of their homes fall 25% which seems quite bleak but in comparison to Horton Plaza they are doing quite well because home values in this area have fallen by more than 56% to a median price of $612,500 on average.
Falling prices are not always self explanatory just by the numbers though. The neighborhood of Greenwich Village which is in NY has seen prices decrease 45% which is almost half but if the price per square foot is analyzed, the drop is only 4%. These numbers show that the sales in the area are just for properties that are less expensive and do not necessarily show that prices for homes have dropped a significant percentage.
Sales themselves are quite low in Manhattans luxury areas though by over a quarter at 26%. The number of sales since last year has dropped to less than 50% of the previous year. These numbers are in this range due to unemployment rising, the economy being in a recession, and the fact that lenders are making it more difficult to get approved for financing.
It is quite difficult for anyone to get approved for loans because of the credit crunch. The government offers financing for people but the limits placed on the loans can make it difficult for higher priced homes to get sold. The government places a limit of $729,750 on loans so individuals who want to buy homes in expensive areas need to be able to get financing through other channels.
Many people think that the home market is improving but the incentives that keep it flowing are the true reason such as government tax credits for first time buyers and the fact that foreclosures are also some of the sales. These making up the majority of the sales cover up the current lending problems and the inventory that is currently available.
The summer looks like it is going to be bleak for the home market just like spring as well.