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Triplex Foreclosure Listings Affect Values of Nearby Properties

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By : John Cutts    99 or more times read
The coming legislative session involving Forth Worth, Texas is expected to give a lot of attention to the issue of property valuation in the city. Officials are reportedly keen on having a state law reformed which provides that foreclosures, including properties under single family and triplex foreclosure listings, are not exempted from the valuation of residences in similar neighborhoods.

This means that the appraisal value of a particular house where Fort Worth foreclosures are aplenty may go down considerably despite its many amenities. Foreclosed homes sold in the past two to three years in a particular neighborhood can also affect the value of homes that are currently in the area despite the sale being held some three years ago.

City officials are planning to have the rule reformed, particularly now that city budgets are tight and property values have become even more significant to an area's revenues. Most local officials have asserted that Texas foreclosures for sale should not be considered since they artificially lower the values of properties in neighborhoods, thereby affecting local revenues.

According to reports, almost half of Fort Worth's revenues come from property taxes. With the high number of residential foreclosures in the area, including those under triplex foreclosure listings, the property value of the city has declined to $40.09 billion, representing a drop of 3.7%. Although Fort Worth has performed better than other areas during the recession, values of properties still declined considerably in the city.

City appraisers have stated that people buying foreclosure home listings do help somewhat, but the presence of foreclosed properties still impact the appraisal value of homes within the city. Foreclosure numbers have declined in most local regions, but remain at high levels. Tarrant County, for example, still has over 1,500 foreclosures as of October 2010.

Appraisers have stated that one foreclosure will not have much effect, but a neighborhood with more than 10 foreclosed homes will definitely feel the impact. They added that the effect of foreclosures on property values, including triplex foreclosure listings, is not only felt in city revenues, but also by homeowners who are trying to sell residential properties. Entities that rely on property taxes like hospitals and schools are also affected by any decline in property values, appraisers have stated.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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