Zombie Foreclosures Down Sharply, Overall Vacancies Rise

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Posted To: MND NewsWire

Zombie foreclosures, those in which the properties become vacant before the legal process is complete, are down 36 percent in the current quarter compared to the same period in 2015. RealtyTrac’s Q2 2016 U.S. Residential Property Vacancy and Zombie Foreclosure Report says there were 19,187 properties in the process of foreclosure that had been vacated by owners or tenants. This is 4.7 percent of the foreclosure inventory, down from a rate of 30.1 percent in the second quarter of 2015. The so-called zombies have presented a problem throughout the housing crisis. The condition of these vacant properties tend to deteriorate quickly from lack of maintenance, bringing down property values of entire neighborhoods. They are also targets for vandalism and can increase the incidence of other illegal…(read more)

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