When homeowners are forced to leave their homes due to foreclosure they leave behind a collection of potential problems in a neighborhood. Empty houses can attract unwanted intruders, squatter, illegal activity, and can ultimately drive down the values of home around them.
Here in South Kitsap, foreclosures only make up 7% of the active listings; however that 7% hinders their neighbors and homes actively on the market.
The good news is that with just a few steps you can prevent some of the negative impact of foreclosures in your neighborhood and less the impact if prevention is unseccessful.
Consider organizing or hosting a foreclosure prevention workshop. Foreclosure is the last step, and although no one can guarrantee prevention, lenders are trying to stave off more foreclosures. Local Realtors and lenders will happily work with you to offer their expertise and services
Establish a pool of money funded by neighbors, homeowners associations and local businesses to assist homewoners who are having trouble making their mortgage payments. Look into local government organizations and charities that might also contribute. If nothing else, this money could also be used to purchase or make improvements to a house that has already gone into foreclosure. (With the banks permission)
Create a Neighborhood Watch program. Vacant houses are more prone to vandalism, crime, loitering or squatting.
Offer your help to the Realtor or bank that is managing the property. Properties with maintained lawns, clear of trash, no broken windows or doors will keep the home from becoming an eyesore and will help you keep the value of your house up.