Apart from nearby foreclosures, many other aspects of a neighborhood can detract from how much buyers will be willing to offer. If you live by an airport or train tracks, for example, the resulting noise pollution might devalue your home. Light pollution from a nearby highway or athletic complex could make buyers wary, too. Power plants and landfills are bad news, too. They've both been proven to affect home values negatively.
Or maybe since you first moved in, a cell phone tower has been built nearby. Or the area went to pieces, and a strip club with dodgy clientele has set up shop just around the corner. If your part of town is known for criminal activity, that's not good either. Times change and so do neighborhoods, and if yours has gone downhill, the value of your home could suffer.
You can attempt to negotiate with bad neighbors of all sorts. In some cases there won't be much you can do, but in others you might meet with success. Be sure to document your complaints and deliver them respectfully. It may also be a matter you can bring to local law enforcement or elected officials, depending on your area's laws and ordinances.
And there are more neighborhood features that might be trouble too, including the one on the next page.