Home prices are improving,...recovery is spelled out in the headlines.,
But Beware.....The New Threat..... "Zombies".......
When a bank initiates foreclosure proceedings on a home and then abandons the process,..This leaves the property in limbo. It is not for sale but it is vacant.. This is the so-called “zombie” foreclosure.
, There are an approximate 167,000 properties nationwide that fall into this category.
There are hundreds of thousands of unlisted REOs and even more properties winding through lengthy judicial foreclosure procedures according to Realty Trac.
“Unlisted foreclosures and bank walkaways used to be extremely rare, but they have mushroomed recently, ballooning into a large number of homes stuck in foreclosure limbo, sometimes for years,” RealtyTrac stated in its most recent issue of Foreclosure Report News.
Bank of America has 23,966 foreclosure “zombies,” the most held by any bank, according to RealtyTrac.
Wells Fargo is not far behind with 22,968, and JPMorgan Chase holds the third-highest inventory of foreclosure “zombies”-16,054 by RealtyTrac’s count.
With 55,503, Florida is home to the highest number of unoccupied “zombie” properties.
In total, RealtyTrac estimates there are about 1 million vacant homes that need to be sold but are currently out of reach for most real estate agents.
Currently,.. Inventory shortages in real estate markets across the country are very common.
These shortages, combined with high investor activity, have caused price surges in several markets. Some real estate professionals worry that investors have crowded out traditional buyers and artificially inflated property values in some areas. A full 8 percent of single-family homes in the Las Vegas metro-about 40,000 properties-are vacant, according to data from the Lied Institute at the University of Las Vegas.
Posted By Your Las Vegas Realtor - Hank Lauzon