Bay County Market Comments for Lynn Haven, Panama City, Panama City Beach

The Impact of Foreclosures

Have you ever really thought about how foreclosed properties could affect your property. Surely, when you pull out of your driveway every morning, you look down the street and see that vacant house with the neglected landscaping and shake your head.

Let's take a look at some data and see if the old saying of a picture being worth a thousand words will help put this into perspective for you.

The first chart reflects typical arm's length sales vs. foreclosed & short sale transactions. Notice the consistent downward trend of the the sales over time; of course with the Red trend line of the foreclosed sales reflecting lower property values.                       

The next chart depicts a select few of individual condo projects on Panama City Beach.

I think we can all agree based on this data, the resounding answer is YES, foreclosed properties definitely are driving the market down in this market segment. 

I hope these graphs with give you a greater understanding of how foreclosed properties can affect property values.