Realty Trac recognizes zombie threat

The latest edition of RealtyTrac’s Foreclosure Report News (or Foreclosure News Report) speaks of the threat of undisclosed REOs and zombie foreclosures.

The problem is that banks (and to a lesser extent the government) own a lot of properties that they aren’t putting on the market — and in a time where inventory is at a premium, it would  be very good for that to change.

Roughly 80 percent of all real estate owned (REO) properties — some 515,000 homes nationwide — are not listed by banks on local multiple listing services, according to RealtyTrac. Another 803,000 homes are in the foreclosure process but have not yet been repossessed. Of those, some 167,000 are vacant — sometimes called “zombie” foreclosures, where a bank starts the foreclosure process, but then cancels the foreclosure sale.

The result: more than 1 million homes are waiting to be listed and sold, but most real estate agents and investors have no clue how to find them, how to list them, how to sell them — or how to buy them.

(Pro tip: One of these homes is across the street from me, at 9523 Catesby Lane, in Henrico. Bank of America owns it now. We’d love a family to move in.)

 

 

 

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
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One Response to Realty Trac recognizes zombie threat

  1. Dawn M West says:

    If you understood….. the whole picture, it is all about “control” Like someone is holding the cheese our the head of a mouse. I have a solution…… get the Government out of our homes!!! Simple!

    Through rule, regulations & taxation… Everything that the Representatives of the Government has accused us (Realtors, lenders, appraisers, etc.) of doing.., Lie, twist, steal, etc. and like any addict, they accuse others of doing what they actually have done or do.

    Nudging… us on down the road.. Cass Sunstein, Valerie Jarrett, Frank, Dodd…. and on and on…specially O’s back ground on the housing, starting around the 1999 time, with Valerie at his side. All you need to do is educate yourself on those who the President surrounds himself with.. during a 2008 campaign, O said, “judge a person by whom he/she associates themselves with…..” AND I took his advise and WOW….. nothing but “control” with these folks running the show.

    Also, study the housing in Mexico. My amigo’s…. we, our housing.. is pretty much in the direction with how their Government runs housing. Well, look at that last sentence, Government.. housing in one sentence… You know, like Socialism housing?

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