Foreclosed Homes in Lake Jessamine Have Increased By 8 Percent

The house is one of the foreclosed properties in Lake Jessamine county. It has been ripped apart by vandals who have taken away everything including water heaters and other electric appliances. This property is not the only one – it is just one of the 145 residences that have been foreclosed in the area. Foreclosed homes in fact abound in Lake Jessamine and the number of foreclosed properties has increased by 8 percentage points.

In Central Florida, Lake Jessamine is not the only place that has vacant homes. There are abandoned properties in Polk, Seminole and Orange counties as well. In the period 2008-2009, abandoned properties increased from 79,517 to 91,155. Records reveal that across the nation one in nine homes is lying vacant. John McIlwain, senior employee with the Urban Land Institute in Washington says it is only when there are two or three empty homes in close proximity that you get the signal this neighborhood has a problem. Records suggest that about one in every four homes in Lakeland is abandoned and in Osceola county the number stands at one in eight.

Lake Jessamine bordered by several counties is an interesting study of several abandoned homes – properties that were lost to foreclosures, credit squeeze and speculation. There are also homes that were never built. This has not only resulted in the drop in the income of suburban communities that rely on property taxes but has also led to crime, vandalism and other social problems. This has been revealed by Christopher B. Leinberger, a housing expert with the Brookings Institution in Washington. Leinberger says communities have to keep an eye on dropping revenues and empty homes that are attracting vandals. It is the first sign of decay of the neighborhood, says Leinberger.

There is also the psychological impact that there are no neighbors and that can be demoralizing for residents who do have homes there. Joann Wenger, who lives in Markham Woods, for instance, has two to three empty properties surrounding her home. Wengar has been living here for 25 years and price of homes range between $200,000 and $500,000. It is one of the most expensive neighborhoods but 308 homes are empty here. The number has increased by 8 per cent in the last one year. Research reveals that chances of a home priced at $500,000 or above being empty are more than otherwise. It is indeed a sign of how deep the housing crisis has struck roots.

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