Houndvision: The Personal Effects of the Housing Crash in our area

The depressed state of the economy has personally effected me more than most people, I am constantly surrounded by reminders that times are bad and there is no place to hide. I think a lot of people can go back to their lives of illusion, because they get in their nice car, go to their favorite hangout, or their nice neighborhood and nothing has really changed from what it was a few years ago.

I live in an area where there are tons of houses for sale; foreclosed houses, abandoned houses, and properties that were started, but never finished. This isn't the poor section of the city. This is where people go to buy their first home or an affordable home or a place to retire.

There are a lot of people around here that have lost their job or lost hours. These are people that will end up leaving Hickory to seek jobs elsewhere and if we don't start getting serious about these economic issues, then these houses are never going to be sold and these houses are never going to be finished. What will it be like to live in a community like that? Where every other house is empty or for sale or abandoned.

In the 4 blocks radius of where I live, there are at least 10 properties for sale. The video below shows what I am surrounded by. Two properties above me, where the foundation was started and abandoned in April 2008 and my neighbors house below, that has been on the market since last October because he works in construction and can't find a job.

What does this mean for housing values when supply outstrips demand by such a wide margin? What does that mean for the value of my house? What does that mean for the value of any of these houses in my neighborhood? In Northeast Hickory? Or in the City of Hickory? What will be the tax assessed value of these properties by Catawba County? What will happen with tax rates? What will happen to Tax revenues in this area?

This is what we have to look forward to and inquiring minds want to know what the strategy is on all of this, or are we just expected to fly by the seat of our pants.