Tag Archives: Zombie Foreclosures

New York Attorney General Eric Schneiderman announced on Monday that he plans to introduce an expanded version of the bill he proposed last year reduce the number of zombie properties in the state.

City officials in the Las Vegas suburb of Henderson, Nevada, have announced the launch of a foreclosure registry in order to help monitor the number of abandoned residential properties in the area from falling into disrepair or becoming blighted.

While zombie foreclosures in the U.S. declined overall in the third quarter, they continue to be a problem in some areas, according to RealtyTrac's Q3 2014 Zombie Foreclosure Report released earlier this week.

The number of "zombie" foreclosures in the U.S. declined both quarter-over-quarter and year-over-year in the third quarter of 2014, according to RealtyTrac's Q3 2014 Zombie Foreclosure Report released today.

So-called "zombie" foreclosures have been known to lower property values of surrounding homes. But they also present another problem: property tax revenue lost, RealtyTrac recently reported.

New York Attorney General Eric T. Schneiderman and others have made a big push in recent months to pass legislation to prevent so-called "zombie foreclosures," which have become a significant problem in the state.

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.

Foreclosure filings are down to record lows, but a more sinister-sounding problem may be on the rise—"zombie foreclosures." RealtyTrac released its U.S. Foreclosure Market Report for February, reporting that foreclosure filings (default notices, schedule auctions, and bank repossessions) were 112,498, down 10 percent from January and down 27 percent from the previous year.