Getting your player ready...
When it comes to selling your house or planning your next home equity line of credit, being a nosy neighbor could very well pay off.
That’s one implication of a recent report from the Center for Responsible Lending, a consumer advocacy group based in Durham, N.C. The report focuses on the ripple effects of home foreclosures and suggests that homeowners who are concerned about their home’s value should watch for signs of trouble among their closest neighbors.
This study found that homeowners who lived within 300 feet of a foreclosed residential property experienced a drop of 1.3 percent in home value; those living 300 to 500 feet of the foreclosed home typically see a drop in value of 0.6 percent. Bob Tedeschi, The New York Times
