Fla.: Dramatic improvement in zombie foreclosures

06/12/2015

Fla.: Dramatic improvement in zombie foreclosures

IRVINE, Calif. – June 11, 2015 – RealtyTrac released its Q2 2015 Zombie Foreclosure Report today. Nationwide, zombie homes – ones actively in the foreclosure process vacated by homeowners prior to completion – were 24 percent of all active foreclosures.

While high, it's down 11 percent quarter-to-quarter and 10 percent year-to-year.

New Jersey, Florida and New York continued to see the highest number of zombie homes out of 183 metro areas studied, with Tampa coming in at No. 3 (one in 218 housing units) and Ocala No. 5 (one in every 262 housing units).

Statewide, one in every 324 housing units is a zombie foreclosure. However, the numbers are a marked improvement. Quarter-to-quarter, Florida zombie homes dropped 23 percent, and year-to-year they fell 43 percent.

"The average estimated market value of an owner-vacated foreclosure is 22 percent below the average estimated market value of an owner-occupied foreclosure, indicating that it is in a foreclosing bank's best interest to have a home occupied during the foreclosure process and also demonstrating how these zombies are contributing to blight in neighborhoods across the country," says Daren Blomquist, vice president at RealtyTrac.

"In South Florida, we continue to see a dramatic improvement in the foreclosure arena," says Mike Pappas, CEO and president of the Keyes Company. "Zombie foreclosures here have dropped 46 percent year-over-year. The wheels of our judicial process turn slowly, but the good news is we are in the last rounds of this fight."

© 2015 Florida Realtors®  

Ready to live the Florida Dream? Contact me or call (239) 851-3861 to get started!

Serving Southwest Florida including Collier and Lee Counties, Cape Coral, Fort Myers, Fort Myers Beach, Alva, North Fort Myers, Estero, Bonita Springs, Naples, Vanderbilt, Sanibel, and Captiva.