The recent rise in foreclosures are not only making homeowners lose their homes, but is causing losses to neighbor’s as well. For example, let us take the case of Valerie Guerra’s home in Liverpool. The value of her home as depreciated by more than $100,000 due to falling real estate prices, even though her husband and her have been clearing all their mortgage payments on time. Even though she had nothing to do with it, she suddenly finds herself $100,000 poorer, with a large chunk of her home value gone.

Valerie says “I certainly believe my house is worth less than what we paid, but we’re here for the long haul.” The Guerras are hardly alone. They are lucky that they are not looking to sell their home in a hurry. Even people who want to get out of neighborhoods where there have been a lot of foreclosures, are stuck because they are facing a massive drop in the price of their homes. As it is, lenders have taken over hundreds of lots in many neighborhoods in East Bay that were foreclosed, and this is now taking its toll on the rest of the neighborhood that continues to live in the same vicinity.

Though buyers tend to get some good deals from foreclosed homes being auctioned, the hard reality is that falling property prices have erased years of gains for many people who had bought homes many years back just because they live next to a bank-possessed property.

A Fremont citizen, Mary Ann McFadden, who has two foreclosures on her block adds “I’m sure the foreclosures have affected our property values. I feel sorry for the people who lost their homes.”

The McFaddens and the Guerras form a dwindling circle of homeowners that are suffering in the aftermath of a crashing real estate market that was in the middle of a so-called ‘boom’ till the middle of last year in East Bay.

A resident of Brentwood, Kareen Bell says “Our values have dropped dramatically,” Having bought their home for around $865,000 a couple of years ago, they have seen their house drop in value to roughly $600,000. There are those in Brentwood who have seen their property values fall by $250,000 in a short period of time.

You can tell from overgrown weeds, and unkempt gardens that you are in the midst of a neighborhood overridden with foreclosure. Homes all around are empty, many vandalized and used for parties, most featuring auction notices.

Kareen Bells adds “It’s scary to see people moving out all the time. The house across the street from us is foreclosed. So is the one behind our home. So is the one down the street. At least six houses near us have been foreclosed.” Things have taken a turn for the worse for these people who have religiously paid all their mortgage payments.

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The prices of real estate properties are going down at a massive rate with the start of foreclosure deals. As more areas face the tumbling down problems of foreclosures, statistics result in the most hard-hit real estate prices to date. Home prices have hit a rock bottom and slid down by around 8.9% in the last quarter of the previous year.

About 8% of homes in U.S. have faced foreclosures in January, according to the California-based RealtyTrac Inc. Compared to January 2006, the number has actually gone up to 57%, according to the mortgage research firm.

Standard & Poor’s index has in fact delineated that drops in the house prices in 17 out of the 20 houses across U.S. metropolitans have in fact put a downward slope of nearly 10% or more in 8 or more cities even.

One of the index creators, Robert Shiller, has pointed out that the situations are bleak all throughout. The drop has been even steeper in the last week of February of this year.

Nearly 23,000 homes have got the warning bells of being foreclosed in this January as a matter of overdue payments. Resulting from a rise-up from 148,425 in 2006 this has been a massive high in the amounts of foreclosed properties as seen in any of the previous years.

As a result, more and more families have been making it into the defaulter’s lists with a higher rate in the properties going to the banks. The Vice President of RealtyTrac’s marketing sector has pointed out that lenders are, in fact, having trouble reselling their real estate properties under such coercive implements of sales strategies.

The Southern states have been reportedly the worst sufferers according to reports. The cities have been the most effected according to foreclosure reports with the home price indexing falling onto 17.5% in Miami foreclosures itself! The Cape Coral-Fort Myers area in the state of Florida had experienced the greatest hit under the ravaging forces of foreclosures. As compared to any other metro, this city had been the worst hit.

Stockton foreclosures, the eastern part of San Francisco, California, was given the second places in running up high foreclosures. The Riverside-San Bernardino area of Southern California came third in this case.

The state of California has been the state with the highest number of foreclosure fill ups including 57,158 properties following Florida with about 30,178 fill ups. In regards to the rates, foreclosures in Las Vegas and Phoenix has followed the footsteps of Miami while next in toe were Los Angeles, San Diego, San Francisco, Detroit and Washington D.C.

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