Real Estate Professionals Must Battle Foreclosure ‘Zombies’ to Survive

Image

Is this a real problem or is this just a Headline with no substance? Most reports state that the amount of “Zombie” homes on the market is being reduced on a monthly basis. Please read the article below and let me know what you think.

The FHA Condos Approval Company, Inc.

Please +1 Us on Google, Follow Us on Twitter or Like Us on facebook

As home prices improve and headlines spell out recovery, those on the ground in housing markets across the country are encountering a new threat: “zombies.”

These so-called “zombie” foreclosures take place when a bank initiates foreclosure on a property but then abandons the process, leaving the property in a sort-of no-man’s land—vacant but not for sale.

According to RealtyTrac, there are about 167,000 properties nationwide that fall into this category. In addition, the company says there are hundreds of thousands of unlisted REOs and even more properties winding through lengthy judicial foreclosure procedures.

“Unlisted foreclosures and bank walkaways used to be extremely rare, but they have mushroomed recently, ballooning into a large number of homes stuck in foreclosure limbo, sometimes for years,” RealtyTrac stated in its most recent issue of Foreclosure Report News.

Bank of America has 23,966 foreclosure “zombies,” the most held by any bank, according to RealtyTrac.

Wells Fargo is not far behind with 22,968, and JPMorgan Chase holds the third-highest inventory of foreclosure “zombies”-16,054 by RealtyTrac’s count.

With 55,503, Florida is home to the highest number of unoccupied “zombie” properties.

In total, RealtyTrac estimates there are about 1 million vacant homes that need to be sold but are currently out of reach for most real estate agents.

To read the complete article – please use the link below.

Foreclosure ‘Zombies’

Explore posts in the same categories: Real Estate Market Trends

Tags: , , , ,

You can comment below, or link to this permanent URL from your own site.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: