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RealtyTrac: "Zombie Foreclosures" Threaten Housing Market

They call them "Zombie-Foreclosures", and these abandoned homes are now the biggest threat to the local housing market, replacing new foreclosure activity. 

RealtyTrac reports there are just under 55,000 of these properties in the state of Florida, with more than 14,000 of them in Palm Beach, Broward and Miami-Dade Counties. 

These are homes that have been vacant for a long time and nobody is taking care of the maintenance, so they are becoming eyesores 

In most cases, banks filed for foreclosure, but then walked away from the case after realizing that it didn't make financial sense to repossess the home.

Photo: Getty Images

 

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