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Foreclosures Bring The Spectre Of Blight

Posted by: Nate Berg

29 August 2007 - 9:00am

As thousands of houses continue to foreclose, many homeowners and real estate experts are predicting that abandoned homes will blight neighborhoods across the country and send property values plummeting.

"Stagnant swimming pools spawn mosquitoes, which can carry the potentially deadly West Nile virus. Empty rooms lure squatters and vandals. And brown lawns and dead vegetation are creating eyesores in well-tended neighborhoods."

"More than 100 houses a day are being foreclosed on in Southern California, up from 13 a day last year. That's still a relative handful for such a populous area, but even the optimists predict that the problem will soon get much worse."

"If the foreclosure trend continues on its current pace, experts warn, communities will need to act decisively to avoid blight."

"Authorities and real estate agents say similar problems arose during the wave of foreclosures in the 1990s, when houses stayed empty for months."

Full Story: Blight moves in after foreclosures
Source: The Los Angeles Times, August 28, 2007
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