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. 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, only to be topped by Miami-Dade County 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.
Out of the 50 states, Florida was number one with 35,913 owner-vacated properties that are waiting to be reclaimed, 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 affect the Real Estate market because the home isn’t being taken care of, it’s not being sold to buyers who are starving for options, its lowering the value of all homes in the neighborhood, and the lenders haven’t taken ownership of the property.
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