So the negative effects of our market has finally hit home for me in a personal way. The business side as a Realtor has been phenomenal – 2008 may be my best year since starting in mid-2005! However, just the other week, my neighbor 2 doors down packed up and moved out overnight.

Before we go any further, I have to tell you I really don’t know the specifics of their quick departure. We were friendly, but I was never good friends with them. Just a wave here and a “Good Morning!” there…but I certainly feel for him and his family. What could be so overwhelming that a family makes a decision to up and abandon their home?

For one thing, the tax records show that the home is mortgaged WAYYYY over what it is worth. That makes it hard to sell and impossible to break even. Then there are the constant improvements that were done to the home – always new fixtures, cabinetry, and what-not being installed…the empty boxes were always out for the garbage man for all to see! Maybe he lost his job (my wife recently lost hers) and there was no way for them to continue meeting the payments for their 1st, 2nd, or possibly 3rd mortgage. Did the taxes and insurance put them over???

No matter what, now we, the neighbors, have to deal with the aftermath. After all, I want to protect my homes value – which is why I moved in there in the first place. Statistics show that homes within ¼ mile from a foreclosure lose 1% of their value. 5 foreclosures in close vicinity – you may be down 5% already.

So I have taken the position of caring for the outside of that home like it as my own. It sucks, to be honest. The grass will certainly die, thanks to the owner taking the sprinkler controller…which needs electricity to run it (shut-off). I have already trimmed the hedges and removed lawn debris, which cleaned it up a bit. I am going to run my mower over there soon…but how long can this home sit vacant and not fall into repair? Does the 1st lienholder know the home has been abandoned?? A bit of detective work (and personal time) will be needed to find out…

Is this the tip of the iceberg? The stats are overwhelming...only time will tell…