Norada Real Estate Investments

  •  Home 
  • Markets
  • Properties
  • Notes
  • Membership
  • Podcast
  • Learn
  • About
  • Contact

Zombie Foreclosures

April 10, 2013 by Marco Santarelli

Hundreds of thousands of homes in the US are now labeled as “zombie” foreclosures. That's when the owner of a foreclosed home leaves only to find out years later that he or she still legally owns the home and is on the hook for property taxes and other fees. Such cases occur in more than a third of foreclosures, industry figures show.

Although it's hard to quantify exactly how many homes fall into the category, real estate information company RealtyTrac says that, in the first three months of the year, roughly 302,000 homes qualified as “zombie” properties because the owner has moved out, but the bank has not yet taken possession.

Most of these homes are located in Florida, where RealtyTrac identified some 91,000 zombie properties. Distantly, Illinois had nearly 32,000 such foreclosures, and California had roughly 29,000.

Although they had fewer such cases in total, Indiana, Kentucky, Maine, Nevada, Oregon and Washington have the highest percentages of zombie foreclosures at 50% or more.

Filed Under: Economy, Foreclosures, Housing Market Tagged With: Foreclosures, Housing Market, Real Estate Market

About Marco Santarelli

Marco Santarelli is an investor, author, Inc. 5000 entrepreneur, and the founder of Norada Real Estate Investments – a nationwide provider of turnkey cash-flow investment property.  His mission is to help 1 million people create wealth and passive income and put them on the path to financial freedom with real estate.  He’s also the host of the top-rated podcast – Passive Real Estate Investing.

Comments

  1. Mark Hide says

    April 14, 2013 at 3:28 pm

    Great article. I am an agent in Orlando & unfortunately all to familiar with ‘zombie’ foreclosure !

Real Estate

Quick Links

Blog Posts

  • California Real Estate Market: Prices | Trends | Forecast 2021
    January 20, 2021Marco Santarelli
  • New York Real Estate Market: Prices | Trends | Forecast 2021
    January 17, 2021Marco Santarelli
  • Cap Rate Calculation: How To Use Cap Rate In Real Estate?
    January 14, 2021Marco Santarelli

Contact

Norada Real Estate Investments 30251 Golden Lantern, Suite E-261 Laguna Niguel, CA 92677

(949) 218-6668
(800) 611-3060
  • Terms of Use
  • |
  • Privacy Policy
  • |
  • Testimonials
  • |
  • Suggestions?
  • |
  • Home

Copyright 2018 Norada Real Estate Investments