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Tag Archives: Zombie Foreclosures

Senators Call Federal Regulators to Action on Zombie Foreclosures

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A recent report found that nationwide, there are approximately 20,000 so-called zombie foreclosures, which are residential properties that have been vacated by the owner but the foreclosure process has not yet been completed. With the owners gone, these abandoned properties are typically not maintained by banks, which potentially breeds blight, attracts violent crime, and brings down values of surrounding properties.

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Zombie Properties Continue to Linger Nationwide

Zombie properties serve as a lingering reminder of a housing market still in the midst of self-correction. They serve as a legacy of the recent housing crisis, a byproduct of lengthy foreclosure timelines and mercurial state foreclosure statutes. RealtyTrac recently released a nationwide analysis of zombie properties, examining both states and institutions that have the most zombie properties.

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