A persons home should be valued based on the square footage, number of rooms, amenities, location, lot size and other tangible factors easily measured against other properties in the same geographical area. A home should not lose value because your neighbor could no longer make payments and had their home taken by the bank. Foreclosures are an indication of individual financial circumstances and should not reflect the value of your home. If someone loses their home to foreclosure does that change the physical attributes of your home? By using comps to determine the value of your home the answer is yes. This practice has caused millions of Americans to be upside down on their mortgages preventing a fair sale and preventing refinancing. There should be an alternative method of valuation.
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