IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s
leading source for comprehensive housing data, released its Q3 2014 Zombie
Foreclosure Report, which found that 117,298 homes actively in the foreclosure
process had been vacated by the homeowners prior to a completed foreclosure,
representing 18 percent of all active foreclosures.
 |
| Daren Blomquist |
These vacant properties will likely end up as short sales,
foreclosure auction sales or bank-owned sales in the future.
There were 117,298 owner-vacated foreclosures nationwide in
third quarter of 2014 (18 percent of total properties in foreclosure), down 17
percent from 141,406 in the second quarter of 2014 and down 23 percent from
152,033 in the third quarter of 2013.
“The most effective preventative vaccine for the blight
caused by vacant, abandoned foreclosures has proven to be a short and efficient
foreclosure process,” said Daren Blomquist, vice president at
RealtyTrac.
“Absent that, the
best antidote for a zombie foreclosure infestation is a pro-active land bank
program like that in Cleveland and more recently Chicago designed to
aggressively take possession of vacant foreclosures and rehab or demolish them.
“Meanwhile, markets with lengthy and lengthening foreclosure
timelines have unintentionally created a zombie foreclosure breeding ground,”
Blomquist added.
“As we see a backlog of delayed distress finally hit the
foreclosure pipeline in some of those markets, the problem is coming more to
light.”
Contrary to the national trend, 16 states saw increases in
owner-vacated foreclosures compared to a year ago, including New Jersey (up 75
percent), North Carolina (up 65 percent), Oklahoma (up 37 percent), and New
York (up 30 percent) and Alabama (up 29 percent).
Among metros with a population of more than 200,000, 60
metros (28 percent) posted increases in owner-vacated foreclosures compared to
a year ago, including Trenton, N.J. (up 106 percent), Atlantic City, N.J. (up
98 percent), Rochester, N.Y. (up 49 percent), Washington, D.C. (up 40 percent),
New York (up 38 percent) and Philadelphia (up 21 percent).
For a complete
copy of the company’s news release, please contact:
Jennifer von Pohlmann
949.502.8300949.502.8300,
ext. 139
Ginny Walker
949.502.8300949.502.8300,
ext. 268
No comments:
Post a Comment