March 4, 2010
Transit Good for your Mortgage?
Passed on by a reader from of all places "autoblog".
March 6, 2010 3:19 PM
Dave H Says:
It would make sense, since it's basically another amenity if you need to sell. If your house is in the middle of nowhere and requires a 45 minute commute each way it's going to be much more difficult to sell the house if you realize you're in financial trouble. If you can get rid of the house more easily and at a higher price (which transit should help achieve) then you're less likely to get foreclosed on.
I'm sure there are other factors also, like that transit-dense areas usually are more valuable in the first place and are more likely to be populated by people with savings, and lower income people are more likely to be foreclosed on and less likely to have savings.
I can't think of any reasons transit would be more likely to cause a foreclosure.