New Westchester County Study Shows High Cost Of Foreclosures

A new report that looks at foreclosures in Westchester County towns shows how costly they can be for the entire community in terms of lowering property values and having to maintain vacant property, according to lohud.com.

Foreclosures are costly to the entire community, according to a new study of Westchester County foreclosures.
Photo Credit: *Wikimedia Commons*

Amy Maciaszek

01/20/2016 12:00 p.m.

The report, from the state Senate Independent Democratic Conference and Mount Vernon Mayor Richard Thomas, looked at 82 bank-owned properties in the county. It show that those properties led to an estimated $9.2 million loss in value for others in a 300-foot radius, and accumulated 178 housing violations, lohud.com reports.

For example, the 22 foreclosed homes in Yonkers cost 575 surrounding property owners about $2.9 million in lost property value, lohud.com says.

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