“Zombie Homes”: The Vacant (Property) Dead

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‘Zombie’ Homes Spook Fewer Neighborhoods
Vacant foreclosures – known as “zombies” – plunged 43 percent in the third quarter compared to a year ago, according to RealtyTrac’s latest U.S. Zombie Foreclosure and Vacant Property Report. As of the end of the third quarter, about 20,050 residential properties were in the foreclosure process and vacant, but had not yet been repossessed by the foreclosing lender.
“The overall inventory of homes in the foreclosure process has dropped 36 percent over the past year so it’s not too surprising to see a similarly dramatic drop in vacant zombie foreclosures,” says Daren Blomquist, vice president at RealtyTrac. “What is surprising is there are so many vacant homes where the home owners do not appear to be in financial distress — with only 3 percent in foreclosure or bank owned, and only 6 percent that are underwater. More than 63 percent of these vacant homes are not even encumbered by a loan, owned free and clear by the owner. The fact that the home owners are not selling given the recovering real estate market in most areas indicates that many of these properties are in poor condition and in neighborhoods that have been left behind by the housing recovery.”
The following states are still haunted with the most vacant “zombie” foreclosures, according to RealtyTrac’s report:

  • New Jersey: 3,997
  • Florida: 3,512
  • New York: 3,365
  • Illinois: 1,187
  • Ohio: 1,028

The following states have the highest share of vacant “zombie” foreclosures as a percentage of total vacant properties:

  • New Jersey: 9.4%
  • New York: 8.2%
  • Nevada: 2.7%
  • Massachusetts: 2.5%
  • Illinois: 2.1%

On a metro level, the following areas had the highest share of vacant “zombie” foreclosures as percentage of all vacant properties:

  • Rochester, N.Y.: 14.3%
  • Trenton, N.J.: 10.5%
  • New York: 10%
  • Albany, N.Y.: 7.9%
  • Allentown, Pa.: 5.2%

Source: RealtyTrac
Have “zombie homes” plagued YOUR neighborhood?

A Family Affair in the Upper B Street Neighborhood

Beautiful family!

Exclusive Buyer Representation Agreement signed: August 7th, 2015
In Contract: August 16th, 2015
CLOSED ESCROW under list price by $20,000: October 9, 2015 (closed in 59 days after we negotiated for the sewer lateral to be paid/repaired by the Seller)
Meet Mary & Hayes and their little one “S”, along with Mary’s parents.
This purchase happened because both Mary’s parents and Hayes’ parents helped them buy the home. Mom and Dad have their own place so the plan isn’t for them to crash the new pad any time soon.
This was a fun purchase for me to work, personally. It sure wasn’t the run-of-the-mill sale. There wasn’t a legal sewer connection and the sewer lateral had to be replaced. Plus, the property was purchased along with an adjacent lot and there were some easements to take into consideration, so it certainly wasn’t boring.
I thoroughly enjoyed Mary & Hayes and their positive attitude throughout the process. They are smart people and I always enjoy working with smarties! The sale took a bit longer than if there weren’t issues with the sewer connection, but with patience, everything turned out fine in the end.
Cheers to kids who make their parents proud enough to invest in them!
Client Testimonial:

“Anna is amazing. We were fortunate to find a house we liked pretty quickly, but then it took some doing to solve some problems with the house before it could close. She helped us through the whole process and helped us stay calm and be patient. She worked with the seller’s agent to let them know what needed to be fixed and kept us up to date on all the paper work we needed to do. I highly recommend Anna May. She’s efficient, thorough and friendly.”
-Hayes Morehouse

 

Idiot Savant & Alimony Ale

(I’m not really this skinny/muscular. The beer was just heavy and the photographer Greg Jones is BAD.)

Let’s face it. I’m not paid for my talent knowing whether or not the Unites States Postal Service, UPS or Fedex will deliver alcohol. Imagine my local postal representative’s reaction when I walked into the post office yesterday wanting them to transport this case of Alimony Ale. She thought I was joking!
I make a living connecting human beings with homes in which to live. I don’t get paid to know who prohibits alcohol delivery.
I went back to the office complaining to my husband about it. He said to me, “Don’t you remember when I told you they wouldn’t deliver?”
(…crickets…)
Listen to your spouse.
Alimony Ale from Buffalo Bill’s Brewery on B Street, Hayward