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Loading ...While checking the real estate market of Bronx, it will not take a lot of time to understand that Bronx foreclosures are moving upward. There are lots of people in there who are in no position to deal with their mortgage payments, resulting in foreclosures.
Last year, the increase in foreclosures was so massive that everyone in Bronx was a victim. In fact, the Center of Responsible Lending has stated in a report that nearly 400,000 homes have suffered due to the foreclosures and decrease in value has gone up to $4.9 billion. In 2008 the rate of foreclosures per 100 properties was 2.8 and there was a decrease in the value of a home located close to a foreclosed home. This decrease was around $5,000 for each foreclosed home.
The problem of devaluation has become quite common these days and that’s not a problem only for Bronx but for other parts of US as well. This problem is only because of those people who are not in a position to pay back their loan. Because of these problems in mortgage payments, there remains no other choice for banks but put that property into foreclosure.
The problem of foreclosure has always been there in Bronx. When you will the record for last year, you will see that increase in foreclosure was clear. In fact, there were as many as 14561 foreclosures from Jul 06 till Jul 07.This increase is quite overwhelming and it shows that economy of this area is being badly hurt by financial crisis.
It is however significant to mention that there are lots of opportunities for investors to invest in Bronx foreclosures for sale. Walking down the streets, you will find lots of homes having “for sale” signs on them. This represents that real estate market in this area is not in a great position, especially because of the reason that foreclosures are increasing.
With an increase in foreclosures other people are also not able to sell their homes on right prices and that’s has contributed towards a decrease in average price. At present, the average listing price is around $485,983 but there is a decrease in average price per square. This decrease is around 10.7% as compared to the last year. So, take al these things into consideration before investing your money in Bronx foreclosures. There are lots of foreclosed houses for sale in this area but you have to decide if it is really a good option to invest in here.
