San Ramon Faces the Reality of Foreclosures
If you live in San Ramon, chances are that your property value is being affected by foreclosures in the area that you are not even aware of. A quick search on the Internet turned up these figures (Jan 11).
Yahoo Foreclosures shows 71 foreclosures in zip code 94583 and 87 in 94582.
In zip code 94583, RealtyTrac shows 292 properties in pre-foreclosure; 90 properties in auction status; and 173 bank-owned properties. In zip code 94582, RealtyTrac is showing 227 properties in pre-foreclosure; 72 properties in auction status and 168 properties as bank owned. If my math is right, this equals 1030 properties in the city of San Ramon that are in some degree of financial trouble.
Considering that there are approximately 20,000 homes in the area, the percentage of homes in trouble as reflected by RealtyTrac's figures is about 5% of homes in San Ramon.
How does a foreclosure in your neighborhood affect the price of your home? A study by a nonprofit organization found that EACH foreclosure within 1/8 of a mile of your house will lower your property value between 0.9% to 1.1%.
Foreclosure is not the only thing that should have San Ramon homeowners concerned about their neighborhoods and property values. We are aware of two properties in the foreclosure process that have significant code and/or integrity issues.
We hear that one house has a bearing wall issue, a result of work done without permits. Another house has been gutted to some extent by apparently angry vacating homeowners.
As houses sit empty and the yards are not maintained, they can attract problems like rats and other nesting wild animals, pools and standing water can be rampant breeding grounds for mosquitoes and other insects, and most worisome of all - abandoned homes can invite trespassers and vandals.
San Ramon residents that want to help protect property values in their neighborhoods might want to consider some or all of the following actions:
- Notify Contra Costa County Vector Control of vacant homes with standing water in pools, ponds or fountains.
- Activate or Re-activate a neighborhood watch program.
- Heighten your awareness around pests in the area.
- Take steps to ensure that vacated properties are secure against the elements and/or intruders.
One thing is certain - the bank that is already losing money on an abandoned house is going to do little or nothing. Any actions that neighbors take to help support the speedy sales of these properties in their neighborhoods, the better it will be for all.
