Housing Values

The house across the street was foreclosed some time ago. The bank eventually put it on the market and sold it for grossly under what, at least I believe, was market value. The transaction drove down the market value of our house. Thankfully, our mortgage is not underwater, but the hit to our property value was substantial. On the other hand I was pleased to see how diligently our new neighbors immediately began work on upgrading their property. I was curious, though, why they did not move in despite all the renovation they put in the house. Now, I understand. After having held the property for only a few months, they are trying to flip it. I just hope they make a huge profit and raise the value of my house to where it was before the bank undersold the house.