Relevant:
- Over 25 Percent of Home Price Depreciation Due to Proximity of Foreclosures: Study
- Buy And Bail On The Rise
- In ‘Foreclosure Capital’ 3 out of 4 homes for sale is a foreclosure
- Homes Recycled By Foreclosure Make Up Two-Thirds Of Phoenix Housing Market
- Foreclosure crisis rippling out putting city neighborhoods on the offensive
2010-02-18 — huffingtonpost.com
"Foreclosure breeds foreclosure. This is sometimes called the contagion effect. It has been shown that a foreclosure in the immediate area tends to reduce the value of homes in the vicinity by 1%. As home values fall and homes fall into disrepair, yesterday's foreclosures set up tomorrow's foreclosures. Families are more likely to give up the struggle to pay as the neighborhood runs down and empty homes surround. This is why we see clusters of foreclosures by state, region and neighborhood."
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