How Is Florida Surviving the Zombie Foreclosure Apocalypse?
Zombies Are Among Us.
Although Florida is currently in third place for the most “zombie” foreclosures in the nation, certain counties among the state appear to be recovering from the “deadly” wave. Others? Not so much.
Zombie foreclosures encompass homes that have not yet been seized by the banks, or lenders, despite having been abandoned by their owners. Such distressed properties are an eyesore in many neighborhoods, as the bank-owned homes are vacant and left unmaintained.
Yet, in the Sarasota-Manatee region, zombie foreclosures have decreased significantly this past year as a result of rising prices, giving banks an incentive to get such properties back on the market.
Though the Sarasota-Manatee region seems to be thriving, the Tampa-St. Petersburg region, along with Charlotte County have not had the same luck. Charlotte County recently reported an increase in homes in foreclosure that were abandoned by their owners and left vacant in the past year. Topping that, the Tampa-St. Petersburg region came in fifth place overall in the nation with the most amount of zombie foreclosures.
With these types of roller coaster reports, it is uncertain where the deadly wave will hit next. Optimism remains in hoping that home prices continue to rise in order to incentivize banks to maintain and restore the zombie distressed properties to market condition.
From the trenches,