A new report states that although the number of abandoned foreclosed homes has been decreasing locally, Florida continues to surpass the rest of the country with the number of zombie homes. By the end of the third quarter, the commonly named ˝zombie” homes in Palm Beach County are up to 2,749; which is around 35 perfect down from last year, stated RealtyTrac Firm. Broward County was down 19 percent from last year at 3,437 abandoned homes. Even with the reduction, Broward is the third highest in the nation of zombie foreclosures. Although, Miami-Dade County tops it with 3,683. And, leading the nation at 3,982 is Cook County, IL. Palm Beach County wasn’t too far behind rating in fifth throughout the country.
In fact, out of the 50 states, Florida was number one with 35,913 owner-vacated properties that are waiting for reclamation; nearly tripling New York’s 12,683 abandoned homes. In South Florida, foreclosure filings have been reducing significantly. However, the courts are still dealing with the overwhelming amount of cases during the market crash. Typically, the foreclosure process for a regular home is over 2 years, 951 days to be exact, in Florida. Zombie foreclosure affects the Real Estate market. This is because nobody is taking care of the home. Also, buyers who are starving for options are not having an option to buy it. Plus, it's lowering the value of all homes in the neighborhood. And, the lenders haven’t taken ownership of the property.
If you have questions about Foreclosure, Loan Modification, Bankruptcy, Short Sale, or other alternatives, please feel free to call my office at 888-886-0020. Or, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.
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