An Eerie Trail Of Foreclosures
Ghosts have the run of 1600 houses shuttered down by foreclosures in a sprawling neighbourhood in Dallas County. That is the number for the forthcoming postings next month. Banks seem to be swallowing up not just houses but entire localities as well. It is having a grim effect on solitary survivors like Edward Hoffman in Desoto, where 125 units are waiting for the anvil in August.
If the prices of property around you continue to tumble then your equity too is affected by a downward fall of 50%. Donald McMillion is sandwiched by two foreclosed units whose dues continue to rise. The honour and integrity of the entire area is at stake. Good days three years ago became a distant memory for residents of Dallas County, Desoto, Duncanville, Garland, Irving, Lancaster and Mesquite with 560 foreclosures in August 2004. But that was nothing compared to what is happening recently. The numbers have gone up by leaps and bounds. In the same cities in August there are 862 foreclosure listings. This means an upswing by 65%.
Jim Baugh, the City Manager of Desoto is optimistic that this mix up will in the long run greatly benefit development. It is the time for investments to reap rich harvests later on. But foreclosures means lower tax revenues as house equity falls. Ultimately the government will be the loser. As yet the total grim picture has not yet sifted through. It is shocking to say the least with Desoto, Cedar Hill, Lancaster and other prime southwest regions being worst hit. In ground reality foreclosed houses mean shuttered doors and windows, with overgrown lawns, reeking with discarded piled up rubbish. The gloomy isolation infects the neighbors.
Many pool together (Home Owners Association) to see to the running of essentials like mowing the undergrowth and collecting neglected mails. But for how long? A contribution is made to the HOA’s for looking after the locality, its recreation and entry points and the like.
In Lancaster foreclosures are up by as much as 116%. Cordell Ballanshaw is planting the garden of his new house with hope in his heart although he is surrounded by the eerie silence of three houses behind him. For him it is a gamble and an act of faith. He hopes and has faith that the financial virus raging all around will improve his betting chances and spell prosperity for him.
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August 22nd, 2007 at 1:45 am
[...] Yet the train wreck looms closer each day. I just read where foreclosure are up 93% over last year. 93%!! That can’t continue much longer. 90% of these foreclosures are going back to the banks, people are not buying these properties up, they probably can’t. Surrounding properties to these foreclosed homes are falling up to 50% in value. Jim Baugh, the City Manager of Desoto is optimistic that this mix up will in the long run greatly benefit development. It is the time for investments to reap rich harvests later on. But foreclosures means lower tax revenues as house equity falls. Ultimately the government will be the loser. As yet the total grim picture has not yet sifted through. An Eerie Trail of Foreclosures [...]