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Ft Lauderdale Real Estate News 10/04/13

vampire and zombie homes spread across Florida as end nears for distressed property market

Florida has a lot of REOs – properties owned by a bank after foreclosure – but slightly more than half (an estimated 53 percent) aren’t for sale. In those cases, the owners who lost the property still live there.

In a report released today, RealtyTrac calls the homes “vampire homes,” perhaps in deference to Halloween. However, it also identifies “zombie homes” as ones where a bank has not yet foreclosed but the owner has already moved out. While vampire homes can look like any other home on the block, zombie homes tend to have overgrown grass and sometimes maintenance issues.

Nationwide, an estimated 47 percent of bank-owned homes fall into the vampire category. An additional 20 percent of homes somewhere in the foreclosure process have been abandoned by the owner.

Vampire homes “represent a shadow inventory that is becoming more imminent as rising home prices motivate banks to sell off these homes to try to recoup their losses on soured loans,” says Daren Blomquist, RealtyTrac vice president. Zombie homes “often represent a threat to the quality of the surrounding neighborhood, dragging down home values.”

Vampire homes as a percentage of all REOs, according to RealtyTrac

Miami-Fort Lauderdale-Pompano Beach – 64%

Tampa-St. Petersburg-Clearwater – 46%

Orlando-Kissimmee – 50%

Jacksonville – 39%

Cape Coral-Fort Myers – 54%

Sarasota-Bradenton-Venice – 48%

Palm Bay-Melbourne-Titusville – 38%

Port St. Lucie – 34%

Lakeland – 63%

Deltona-Daytona Beach-Ormond Beach – 33%

Ocala – 36%

Naples-Marco Island – 62%

Tallahassee – 49%

Pensacola-Ferry Pass-Brent – 47%

Gainesville – 55%

Zombie homes as a percentage of all homes in the foreclosure process

Miami-Fort Lauderdale-Pompano Beach – 16%

Tampa-St. Petersburg-Clearwater – 27%

Orlando-Kissimmee – 20%

Jacksonville – 30%

Sarasota-Bradenton-Venice – 25%

Cape Coral-Fort Myers – 26%

Palm Bay-Melbourne-Titusville – 28%

Port St. Lucie – 31%

Lakeland – 27%

Deltona-Daytona Beach-Ormond Beach – 30%

Ocala – 38%

Naples-Marco Island – 21%

Tallahassee – 28%

Pensacola-Ferry Pass-Brent – 26%

Gainesville – 28%

© 2013 Florida Realtors®

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