Zombie Foreclosures

Don’t fear the zombies!  That’s right – zombie foreclosures are falling once again.  So, what’s a zombie foreclosure?  It’s a pre-foreclosure property that’s been abandoned by the owner and is sitting vacant.  There are just under 7,000 of them across the US right now, down 5% from last quarter and almost 21% from last year.  I know many people think we’re in for another 2008 after the run up in prices over the last few years, but we just don’t see anything close to that on the horizon.  In fact, all foreclosures are below historical norms right now.  In the second quarter of this year, we have around 237,000 properties in the foreclosure process, which is down 2.3% from the first quarter and 24% from last year.  Should you fear zombies?  Yeah, but not zombie foreclosures. 

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