I read an interesting blog entry over on The Real Estate Bloggers:
Every time a neighborhood experiences 2.8 foreclosures out of 100 owner-occupied properties in a single year, crime there and in the surrounding blocks jumps 6.7%, according to a 2006 census tract study by the Georgia Institute of Technology and the Chicago-based Woodstock Institute. A related study by the same researchers concluded that homeowners lose 0.9% of their property value if they are within one-eighth of a mile from a conventionally foreclosed-on, single-family residence. A $500,000 home, for example, would drop $4,500.
I’ve read statistics like that before, but then they added this little bit to their blog entry:
To do your part to protect your community, please get a free trial at Foreclosure.com and see all of the foreclosures in your area. There is a 7 day free trial and you may find a deal that can be used to restore and repair a home that has been foreclosed upon and make some extra money at the same time.
Interesting way of looking at it. Sure, they probably get a kickback for referring people to Foreclosure.com – if you look at the actual blog entry, you see there’s a hyperlink to Foreclosure.com that goes through some pay-per-click mechanism and they make a few cents or whatever each time someone clicks on the link.
But that’s beside the point. I think their point is valid – there is kind of a moral imperative to buy foreclosure property. Houses that sit vacant in a neighborhood don’t do anyone any good. So, buy some Santa Cruz Foreclosure Real Estate today and revel in the good karma that will flow your way.