Cool Do Abandoned Homes Bring Neighboring Property Values Down 2022. Homes nearby are proven to drop an average of one percent for every seven percent the foreclosed home value drops, according to 2012 realtytrac data. Dilapidated vacant and abandoned properties can have a corrosive effect on local communities, lowering property values, attracting criminal activity, creating health and safety hazards, and.
Studies attempting to quantify the effect of foreclosures on surrounding property values find that foreclosures depressed the sales prices of nearby homes by as little as 0.9 percent to as much. Most neighborhoods would fare better with rental properties in the area instead of foreclosed or abandoned homes with no one to keep up the maintenance or landscaping. In most cases, neighbors are not family members or friends,.
