RealtyTrac: 20% of foreclosures remain vacant after owner departs

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RealtyTrac: 20% of foreclosures remain vacant after owner departs

RealtyTrac: 20% of foreclosures remain vacant after owner departs

Oh yeah, housing is sure getting better.

HW-

Twenty percent of foreclosures nationwide sit empty after an owner vacated the premises, representing 167,000 distressed properties across the country, RealtyTrac announced Thursday.

While it’s imperative these properties move quickly through the process to cushion surrounding real estate values, in many states, it’s just not happening, says Daren Blomquist, vice president of RealtyTrac, a research firm that published the report.

Instead, laws designed to keep the housing market afloat and to prevent a flood of distressed assets make it more difficult to move assets that could benefit from full-time ownership.

[HOUSING WIRE]

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