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| Daren Blomquist |
IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s
leading source for comprehensive housing data, today released its Q1 2015
Zombie Foreclosure Report, which found that as of the end of January 2015,
142,462 homes actively in the foreclosure process had been vacated by the
homeowners prior to the bank repossessing the property, representing 25 percent
of all active foreclosures.
The total number of zombie foreclosures was down 6 percent
from a year ago, but the 25 percent share of total foreclosures represented by
zombies was up from 21 percent a year ago.
“While the number of vacated zombie foreclosures is down
from a year ago, they represent an increasing share of all foreclosures because
they tend to be the problem cases still stuck in the pipeline,” said Daren
Blomquist vice president at RealtyTrac.
“Additionally, the states where overall foreclosure activity
has been increasing over the past year — counter to the national trend — tend
to be states with a longer foreclosure process more susceptible to the zombie
problem.”
“In states with a bloated foreclosure process, the increase
in zombie foreclosures is actually a good sign that banks and courts are
finally moving forward with a resolution on these properties that may have been
sitting in foreclosure limbo for years,” Blomquist continued.
“In many markets there is plenty of demand from buyers and
investors to snatch up these distressed properties as soon as they become
available to purchase.”
For a complete copy
of the company’s news release, please contact:
Ginny Walker
949.502.8300, ext. 268
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