Yes, you heard me correctly. ZOMBIE FORECLOSURES. It’s a very commonly used term these days and a ‘REAL SCARE’.
What this term means is that their are homes being vacated by the previous owner or bank owned property that isn’t taking care of the needs of the home and it’s in disarray. The dilapidated homes bring down the value of other homes in the area. Ironically, foreclosures have hit their lowest in years but the Zombie Foreclosures are still making an impact and some areas of the country they are rising.
One of the main reason that may be is the states of the cities where they are the highest;
#1 New York
These are judicial foreclosure states where it takes 2 to 3 years to get through the foreclosure process. While the over sum of Zombie Foreclosures is down, it may be that number is directly correlating with the amount of foreclosures in general. We’re also seeing a trend in cities where rehab programs are springing up and abandoned houses are rehabilitated or demolished alleviating the decrease of value within the community.
RealtyTrac reported Thursday that foreclosure filings fell 27% year-over-year in February to a new seven-year low, indicating that the pace of filings have returned to normal levels since the foreclosure crisis. However, lingering problems loom.
Vacated by the owner and left unattended, nearly 152,000 “zombie foreclosures” are weighing on home values in states like Florida, Illinois and New York, RealtyTrac said. That’s roughly 21% of all homes in the foreclosure process.
On average, these homes have been going through the foreclosure process for 1,031 days — or nearly three years.
Now some people may think that once they are served a notice of foreclosure they should just pack their bags and abandoned their home because the bank is coming. they give up all hope and go on to the next best thing. This doesn’t have to be the case at all. A well informed homeowner can be counseled by a foreclosure attorney who will quite possibly keep them in their hime up to a year or perhaps find a way for the homeowner to keep their home. It is said, People perish for a lack of knowledge. What’s certain is our housing market certainly did and it’s still feeling the after shock of it.
If you our someone you know is in need of help because of a pending foreclosure, please have them call the law offices of James N Brown PA. and have them speak to a Foreclosure Attorney West Palm Beach It’s time we annihilated Zombies forever. well.. at least Zombie Foreclosure.