Zombie properties, formerly referred to as shadow inventory, are still evident in the housing market landscape. A byproduct of the lengthy judicial state foreclosure timelines.
RealtyTrac examined both state and lending institutions with the most “zombie” properties. They further describe zombie properties as those where the foreclosure process was started, but not completed and the property is vacant.
Nationwide there are 141,406 properties in that box. Only 20% of foreclosures have been vacated by the homeowner before the foreclosure has been completed.
The numbers are down 16 percent from Q2 in 2013.
Many states are NOT seeing a drop in the number of zombie properties. Specifically, Mississippi, DC, Wyoming, New Jersey and Delaware. Florida accounts for 33percent followed by New York, New Jersey, Illinois and Hawaii.
Financial institutions holding the most paper are: Wells Fargo, Bank of America, Chase and US BankCorp.