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Foreclosures can decrease neighboring home values

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Stewart | 11:56 a.m. March 13, 2008
Foreclosures in your neighborhood are only a problem if you are trying to sell or you would like to use it for a piggy bank, by taking cash out on a 2nd or refinance. For those that are not for sale, there is a silver lining. Lower evaluations should lower property tax or at least stop the increases. If your house is not for sale and you have the equity you may even be able to lower your interest rate. The last time I lowered mine to five and a half I didn't take any cash out and the mortgage company paid all of the closing costs.
Sam | 1:39 p.m. March 13, 2008
In a non-disclosure state, like Utah, I doubt that foreclosure values have any effect on home valuation. We had two homes 2 and 3 doors away go into foreclosure and the S. L. County property tax assessor had the gall to use them (all fixed up and remodeled) as "comparables" to boost our property taxes on a very old home!
TOT | 4:50 p.m. March 13, 2008
Lots of motivation to raise your property tax, very little motivation to lower them. Just like insurance companies want the premiums but fight like alley cats to never pay out.

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