Wiping out housing's 'zombies': Banks sell off foreclosed remnants of crash

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Wiping out housing’s ‘zombies’: Banks sell off foreclosed remnants of crash

Wiping out housing’s ‘zombies’: Banks sell off foreclosed remnants of crash

CNBC-

Halloween isn’t here just yet, but the zombies are already multiplying by the thousand — zombie foreclosures.

After having left the worst remnants of the housing crash in foreclosure limbo-land, banks are now taking those vacant, foreclosed homes and selling them at a fast clip. They are the so-called zombie foreclosures.

The result is that the numbers have shifted. Vacant homes in the foreclosure process are expected to drop 9 percent in the third quarter from a year ago, but vacant bank-owned properties are expected to jump 67 percent during the period, according to ATTOM Data Solutions. There are now just over 46,600 vacant bank-owned properties (known as REOs) littering neighborhoods nationally.

[CNBC]

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