Presentation Transcript

1. Homes for Sale in Eau Claire, WI

   Sarah Kruse Geography 367 Summer 2010
2. Hypothesis Many foreclosures would be in low income areas Foreclosed houses will be more run down than home sales by owners. Home sales by owners would be in the middle class neighborhoods
3. Data Data from http://www.zillow.com/homes/for_sale/Eau-Claire-WI/fore_lt/0_mmm/ and http://bis-net.net/cityofeauclaire/search.cfm
4. What is a foreclosure? A homeowner is unable to make principal and/or interest payments on his or her mortgage, so the lender, be it a bank or building society, can seize and sell the property as stipulated in the terms of the mortgage contract. (dictionary.com)
5. Foreclosed Homes in Eau Claire
6. Top 10 Zip Codes with Foreclosures, 2007 http://money.cnn.com/2007/06/19/real_estate/500_top_foreclosure_zip_codes/index.htm
7. Eau Claire has approximately the same number of foreclosures compared to other cities of roughly the same size. 13 in Eau Claire 8 in LaCrosse/Onalaska 106 in Wausau 2,437 in Minneapolis, MN Home owners in smaller cities are not taking mortgages that they cannot afford, therefore, decreasing the amount of foreclosures that are found compared to larger cities.
8. Location of Foreclosures compared to Income Level
9. Foreclosures in Eau Claire
10. Home Sales by Owners According to real estate agent, Courtney Atkinson, about 20% of homeowners sell their home themselves, without the help of a real estate agent. (courtneyatkinson.ca) A report by the National Association of Realtors (NAR) found that homeowners that sell their own homes get closer to their asking price and sell quicker compared to those who sell through an agent. NAR found that those who sell their own home receive 97 percent of their asking price, and those who sell with an agent receive 96 percent of their asking price. A home sold through an agent takes about 10 weeks, while it take six weeks to sell it yourself. (forsalebyowner.com)
11. Home Sales by Owners in Eau Claire
12. Location of Homes for Sale By Owners and Income Level
13. Homes for Sale By Owner in Eau Claire
14. Findings A majority of the foreclosures were located in low income neighborhoods. There were two exceptions located along Golf Road, which were at the higher end of the income level($40,000-$49,999) Foreclosed houses were not run down as I expected them to be. The lawns were very well kept as was the shrubbery. Homes for Sale by Owners were located in the middle class neighborhoods, although there was very few in Eau Claire.