Foreclosures Negatively Impact on Every Neighbourhood of Madison

Every neighbourhood of Madison is negatively impacted by foreclosures said Sheri Carter the chairperson of South Metropolitan Planning Council. The problems escalate when the occupants exit and the ownership hangs in a state of limbo lost in a maze made up of packaged loans and investments that had been sold and resold. She explained, “There’s a good chunk of time – four months, six months – when you can’t find out who is responsible. People discover the place is empty; all kinds of things can happen”. She resides in Arbor Hills. Here three foreclosed duplexes were lying vacant when mischief makers broke in. The residents see to it that the police know about the details of foreclosed units to be on the alert. It has somewhat helped. Research at the national level has tied up increasing foreclosures with increasing crime but whether it applies to Madison also remains uncertain. In the years 2008 and 2009 when foreclosures were raging the police noted a 4.4% drop in crimes excluding theft; this had increased by over 5%. During the first six months of 2010 police noted that violent crime spike by 19% as compared with the same period during the previous year. But a new calculating system could have led to confusion. Police Captain Joe Balles of Madison City (south district) said the residents are very alert about vacant units and they give the police the necessary information. The leaders of neighbourhood in Meadowood are organizing the resident to take action against crime. They are finding out specifically what is happening inside the foreclosed houses said Lisa Veldran president of the neighbourhood association. Concerns are being raised over some apartment building in Balsam Road and Russett Road. Single family houses in foreclosure are dotting the locality. Veldran said, “We need to be proactive watching those properties to make sure they don’t become degraded”. The inspection office of the city is notified by the residents if the lawns are not trimmed and snow is not cleared Attempts are also made to contact the lender owning the property to ensure turning off of water during winter; in general it is difficult to locate the owner. When the frozen pipes burst it becomes difficult to market the property. George Hank of housing division of Madison said since vacant foreclosed houses do not stand empty for long, damage to the structures does not take place. Moreover lenders have become more alert and tend to the houses – it is to their own interests.