The Government Accountability Office just released a study of nine cities in the US where there are a large percentage of vacant properties. According to the study, the city of Cape Coral's vacant properties are likely due to unemployment and purchases by investors.
The study was designed to look at the trends in vacant properties and how they relate to the increase in foreclosures. The study found in some cities, vacant foreclosed properties reduced the prices of nearby homes by $8,600 to $17,000.
Read the rest of the article at NBC 2
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