Banks are getting ever more aggressive in annihilating these zombies that is foreclosures where the home owner is gone and the house just sits. There were just over 127,000 vacant foreclosed homes in the 2nd quarter this year. Now that is down 10% from a year ago. 1 in every 5 homes are in the foreclosure process.
The number of zombie foreclosures is actually increasing in some markets you might not expect. These are high price markets like: New York, Los Angeles, Houston, Philadelphia and Boston. And that's because as home prices rise and these markets have already tight inventory. Banks see a fantastic opportunity and the former homeowners know it! Homeowners have been able to stay in the home 3 - 5 years fighting foreclosure process. Now banks are coming back with their ducks in a row with documentation. Homeowners see the writing on the wall, it's time to move on with my life!
These homes present great deals for buyers. There's buyer demand right now for cheaper Tampa Ba, FL foreclosed homes for sale. In fact mortgage applications to purchase a home jumped over 10% last week even as interest rates spiked! And that's because buyers are trying to get in a home before those rates go ever higher!