High-frequency public transit makes communities better and consumers are responding by making these communities popular, even during a recession.
These communities are better because public transit makes all other mobility options more functional—fewer cars on the road, more walkable neighborhoods and an environment more accessible to cyclists.
APTA and NAR Releases New Study
Recently, along with the National Association of Realtors, we released new information from the study The New Real-Estate Mantra: Location near Public Transportation.
We looked at data from a five-region representative sample of the U.S. They showed that average sales prices for residences in close proximity to high-frequency public transit were more stable during the recession, supporting the assertion that public transit access helped mitigate the effects of the recession on property values.
In fact on average, home values performed 42 percent better when located near high-frequency public transportation.
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As I discussed in prior posts like this one, due to changes in Oregon foreclosure law (passed last July) and pending trouble with MERS, many banks have begun opting to choose a judicial foreclosure (a foreclosure through the courts) over their previously preferred choice of a non-judicial foreclosures (a foreclosure processed without court intervention governed by state statutes).
Recent news in the Oregonian reported a 65 percent increase in judicial foreclosures in just the last month. This has sparked concerned from people that have contacted me, who read “judicial foreclosures increased 65 percent” as “foreclosures increased 65 percent.” The important thing to keep in mind is that total foreclosures have not been increasing, but rather, the banks, in response to new legislation, are only changing the way they foreclose on the properties.