B Appraiser,  in East Alton, IL

Is the foreclosure market a factor in the value of homes in the East Alton, Il, - Madison County, Il area?

Asked by B Appraiser, East Alton, IL Tue Apr 5, 2011

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Yes, there are many distressed homes in East Alton. About one foreclosure per week and about 2 short sale listings per week. A bigger factor for East Alton is the highest in the area tax rate on the one hand and the low crime rate and close proximity to factories and easy access via Rt 3 to the entire Metro East and St. Louis on the other hand.
0 votes Thank Flag Link Sat Jan 12, 2013
Foreclosure are a factor when they are in close proximity to the property your are referring to. If all of the recent sales are foreclosures then there are no other comparable properties to help with value and the appraiser will only be able to use the foreclosed properties because that is the trend of that community. There are numerous locations were the only sales are foreclosure sales.
Web Reference: http://about.me/markilemons
0 votes Thank Flag Link Tue Apr 5, 2011
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