Foreclosures can devastate rural areas
Foreclosures have had a particulary serious impact on small rural towns, according to an April 3 story by writer Evelyn Nieves of the Associated Press. The reason? Even one or two foreclosures in a small community can result in slipping property values.
The Housing Assistance Council reports that foreclosures are increasingly common in small towns, and are often overlooked in surveys, according to the Associated Press story.
This proves again — as if anyone needed additional proof — that the housing slump is a deep and serious one. It’s impacting everyone. Here’s hoping that we’ve all learned enough lessons from this slump to avoid another one anytime soon.
Tags: foreclosure, Housing Assistance Council, ruralRelated Stories
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3 opinions for Foreclosures can devastate rural areas
Kristen King
Apr 10, 2008 at 5:43 pm
I have kind of a selfish take on this. I’m trying to sell my house because I want to move to a different part of the country, not because I’m in foreclosure, but no one is biting because it’s “priced too high.” It’s not — I’m just surrounded by foreclosures, that are selling for like 80% of what they should, sometimes less, so my house looks exhorbitantly priced in comparison. This is affecting EVERYONE. It’s so, so frustrating.
Dan
Apr 11, 2008 at 3:05 am
Thanks for your comments, Kristen. It’s certainly true that this wave of foreclosures is impacting everyone. Your situation is certainly not unique: You’ve done nothing wrong. You’ve played by the rules. And yet, here you are struggling to find a buyer for a fairly priced house. I hope things turn around soon and you make that sale.
Kristen King
Apr 11, 2008 at 5:35 am
Thanks, Dan. I hope so, too!
kk
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