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Property Values Expected to Drop Due to Distressed Homes



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By : John Cutts    99 or more times read
The impact of foreclosures and distressed homes will be more evident once homeowners in Oakland County, Michigan, receive their property assessment notices. The assessment reports are used as basis for how much taxes will be levied on properties in July and December of 2011. According to local tax assessors, majority of cities and local areas in the county will see a drop in property values at their notices.

Although foreclosed home auctions in Southfield are not as massive as in other U.S. cities, the city is still expected to post more than 19% of property value decline this year. On average, the whole county is projected to post around 8% of decline in property values, a figure that is at least lower than the past two years, when double digit declines were recorded in the region.

Assessors have stated though, that value changes will differ from one neighborhood to another and from one parcel of land to another, with the number of foreclosed Michigan home auctions in particular areas likely to play a role in determining how much value an area's properties will lose. In 2009, property values in the whole county declined by 12%, while a 15% drop was posted last year.

Local officials stated that there have been signs that the massive supply of foreclosed and distressed homes is starting to ease and that property value declines are also starting to slow down. They stated that figures for this year are definitely better than the past two years, mainly because the local economy is showing signs of resurgence.

Officials also stated that the record number of properties offered at foreclosure house auctions for sale last year will start to decline this year. In 2010, around 9,600 foreclosures were recorded in the county. The worst impact of the foreclosure crisis though, was felt by the region in the fourth quarter of 2008, and local authorities have stated that things have slowly gotten better for the housing sector since then.

Because of the factor of foreclosures and distressed homes, the county received over 5,700 assessment appeals last year, while over 7,000 filed an appeal in 2009. This year, officials stated that it is unlikely that appeals will reach the same high numbers recorded in the past two years.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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