Real Estate Market In Lincoln
The mortgage meltdown that hit the economy so hard forced a lot of people to foreclose on their homes.
How bad is it in Lincoln?
Channel 8 Eyewitness News spoke with one local realtor who specializes in forecloses.
He told me us he has more then 55 active home foreclosures in Lincoln and he doesn't expect the foreclosure inventory to slow down un till next spring.
This house on 2401 Nancy Street sits empty, a house realtor Gary Thompson says in this economy is just another foreclosure.
The primary cause for foreclosures today is the homeowners can't make their payment, either by virtue of a job loss or a divorce or excessive medical expenses.
This property was worth $250,000 but because of the rocky economy is now in the $170,000 price range.
Thompson says the former owners of this home neglected the eminence after being foreclosed on because of a lender failure.
The electricity actually was shut off, the sun pump in the drain tile system overflowed and filled the basement up with water so there's mold damage to the property.
Thompson says damage like this is typical in about 20% of the foreclosed homes he's dealt with.
And, he says, even though the countries financial situation is rough, owning a house is still a prime investment but not because of the bailout plan.
He says home owners have to be willing to hold on to their investments for a few years before making any money because house property values go in cycles.
Thompson told me Lincoln is better off then the rest of the country.
He expects Lincoln's foreclosure rates to stabilize in the spring but nationally, not for another 2 to 3 years.