Zombie Foreclosures Still A Lingering Legacy of the Housing Crisis

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Zombie Foreclosures Still A Lingering Legacy of the Housing Crisis

Zombie Foreclosures Still A Lingering Legacy of the Housing Crisis

RealtyTrac-

RealtyTrac recently analyzed zombie foreclosures for Q2 2014 — properties that have started the foreclosure process but never been foreclosed and the homeowner has vacated the property — one of the lingering legacies of the recent housing crisis.

Zombie foreclosures are a byproduct of lengthy foreclosure timelines and changing state foreclosure statutes. Many of these properties are likely to be the eyesores of a given neighborhood, driving down the values of surrounding homes and eroding local government tax revenue.

Distressed homeowners, who have vacated the property, may not realize they are still responsible for and owe property taxes on the zombie foreclosure — and that means unpaid property tax revenue for the local government taxing entity. RealtyTrac estimates that more than $400 million in property tax revenue nationwide is likely delinquent because of these zombie foreclosures.

[REALTYTRAC]

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