When the PPSF takes a dive the main reason is property neglect, neglect that can occurr due to homes being sold at discount prices to compensate new owners for the additional work these homes need.
In Milford there are 78 homes in the pre-foreclosure stage, and in my neighborhood there is one bank owned home that is not even for sale. As the home sits vacant the elements and bank neglect are incurring the wrath of nature and making the "out of pocket" restoration expenses to that home increase and the PPSF to plummet.
The following report on Milford is from Trulia, and tells a chilling tale! A tale that suggests many people in our community are letting the insides and outsides of their homes fall apart to avoid or delay costly repairs. None-the-less home inspectors are reporting these discrepancies and shoddy workmanship at alarming rates.
According to Trulia the "average price per square foot for Milford CT was $207, a decrease of 51.5% compared to the same period last year. The median sales price for homes in Milford CT for Jun 10 to Aug 10 was $277,000 based on 89 home sales. Compared to the same period one year ago, the median home sales price increased 2.6%, or $7,000, and the number of home sales decreased 36.4%. There are currently 518 resale and new homes in Milford on Trulia, including 5 open houses, as well as 78 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.
The average listing price for homes for sale in Milford CT was $383,088 for the week ending Sep 22, which represents a decrease of 1.9%, or $7,288, compared to the prior week. Popular neighborhoods in Milford include Post Road North and , with average listing prices of $269,621 and $383,088."
Source Trulia.com.
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