NewsChannel 11 Investigates Home Values - KCBD NewsChannel 11 Lubbock

4/13/09

NewsChannel 11 Investigates Home Values

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LUBBOCK, TX (KCBD) - Lubbock hasn't been nearly as affected with foreclosures as other areas. A nationwide study says your house will lose one percent for every abandoned home within 1/8 of a mile. Which means you could pay your mortgage on time and still have your home value decrease. 

One homeowner says his house has been on the market for 6 months and they don't have any takers. After dropping the price of the home once, they may have to drop the price again since it's not the only home on the block with a for sale sign on display. For many homes in the area, nobody was home and neighbors are not happy with what that means for them. "It just sucks for everybody. People who have worked hard to get in homes and make payments," explained one resident in the area.

Donna Dubose, a real estate broker, says Lubbock foreclosure numbers are about the same as last year. "We are not seeing the foreclosures. Less people are financially struggling or lost a job but when that happens that's when we see more foreclosures," Dubose explains.

When residents are foreclosed they don't always leave things nice and tidy. The house we walked through had major damage to the bathroom and the carpet was completely destroyed. "Holes in the walls, stuff poured on the carpets. It should be condemned by the way they've destroyed some homes," Dubose tells us. 

Michael Kleinstub is the owner of Safe at Home Solutions. He handles short sales, which is working with homeowners and banks to work out a deal before the house is foreclosed.

One house we looked at needed $20,000 in repairs. It was left a mess and an eyesore for neighbors. Another home about to be foreclosed shouldn't even be lived in. It had toxic black mold in the bathroom, which will need to be completely reconstructed.

Foreclosures aren't immune to any specific area in Lubbock. "It's all over Lubbock from every price range. From the low 30's to a million - $2 to $3 million homes here," Dubose says.

Many homeowners want to know when the market will improve. Dubose says it's hard to predict what the future holds, "I think the market will eventually settle down. I think it's going to take a while."

For people looking to buy, it's a great time to do it; the only problem is qualifying for a loan.

4/13/09
Lubbock appraisals increase roughly half of years past
Lubbock County and city home owners saw an average increase of about 3% this year. That's roughly half the increase owners saw in recent years.

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