Texas City Home Values In Jeopardy Due to Failed City Inspections
Poor management in a Dallas, Texas city department may put Texas home values at risk.
On May 21, 2012, NBC revealed at investigation they conducted, which found that hundreds of Dallas apartments had not received their regular safety inspections in quite some time. The decrepit exteriors and life-threatening conditions found in some of the apartments in Texas led many neighborhood homeowners worrying about the value of their properties still tied to Texas mortgages.
Texas Home Values Compromised
The dilapidated condition of the Dallas apartments unearthed serious concerns about the competency of the city department and the current state of home values in the area.
In the report, up to 285 incidents of uninspected apartments in Texas arose in the Central district of Dallas, Texas. According to city code, apartment buildings are required to be inspected at least once every three years, but none of the identified residences had undergone a thorough look by city officials.
Facets of the inspection that most affect residents include “life hazards” such as: sewage discharge, pool safety and exposed wiring.
The home values in this Texas community are already at a downturn and this incident only augments the
Many Texas homeowners in the area have growing concerns about the decaying properties situated in the same community as their own homes.
Impact on Texas Homes
Affected Texas communities are outraged at the investigation’s findings — both homeowners and apartment renters alike. Texas homes with dipping home values don’t bode well for the local housing market and residents have expressed their concern.
John Gormley, Dallas, TX resident told NBC, “My worries are like any homeowner’s worries — property values.”
Zillow’s Home Value Index revealed that Texas home values in this city have actually gone down 7.7 percent since last year.
When the Texas city department was approached with NBC’s findings, Jimmy Martin, Dallas Code Compliance Director, blamed the department’s disregard for safety on a previous city manager’s lack of “due diligence” and noted that the incident was “just an oversight.”
This oversight, however, may not be enough to ease the worries of homeowners threatened with owning more on their Texas mortgage loans than their homes are worth.
The city has since initiated Dallas apartment inspections on buildings that were identified in the report.