Foreclosures lead to drop in Oakland home values

September 15, 2011 9:26:01 AM PDT
The nation's foreclosure crisis is leading to a multi-billion dollar drop in home values in Oakland.

According to the Alliance of Californians for Community Empowerment, formerly known as ACORN, local homeowners will see their collective property values drop by more than $12 billion by the end of 2012.

The report says the value of a home drops by an average of 22 percent when it goes into foreclosure. The report says that area is expected to lose more than $700 million in property value after nearly 5,000 foreclosures.

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