U.S. cities plagued by over 300,000 apocalyptic 'zombie homes' - Is this America's future?

Friday, April 05, 2013 by: J. D. Heyes
Tags: foreclosures, zombie homes, housing bubble

eTrust Pro Certified

Most Viewed Articles
Popular on Facebook
BACK INTO THE CLOSET: Why U.S. reporters are not allowed to write about rainbow events in nations where being gay is still condemned
Depopulation test run? 75% of children who received vaccines in Mexican town now dead or hospitalized
A family destroyed: Six-month-old dies after clinic injects baby with 13 vaccines at once without mother's informed consent
INVESTIGATION: Three days before Dr. Bradstreet was found dead in a river, U.S. govt. agents raided his research facility to seize a breakthrough cancer treatment called GcMAF
BAM! Chipotle goes 100% non-GMO; flatly rejecting the biotech industry and its toxic food ingredients
BOMBSHELL: China and America already at war: Tianjin explosion carried out by Pentagon space weapon in retaliation for Yuan currency devaluation... Military helicopters now patrolling Beijing
ECONOMIC SLAVERY FOR ALL: While we were distracted with the Confederate flag flap, Congress quietly forfeited our entire economic future via fast-track trade authority
March Against Monsanto explodes globally... World citizens stage massive protests across 38 countries, 428 cities... mainstream media pretends it never happened
GMO crops totally banned in Russia... powerful nation blocks Monsanto's agricultural imperialism and mass poisoning of the population
SCOTUS same-sex marriage decision may have just legalized the concealed carry of loaded firearms across all 50 states, nullifying gun laws everywhere
Nearly every mass shooting in the last 20 years shares one surprising thing? and it's not guns
Vicious attack on Dr. Oz actually waged by biotech mafia; plot to destroy Oz launched after episode on glyphosate toxicity went viral
Holistic cancer treatment pioneer Dr. Nicholas Gonzalez dies suddenly; patients mourn the loss of a compassionate, innovative doctor who helped thousands heal from cancer
Pepsi drops aspartame from diet soda as consumers reject toxic sweetener
Bride of Frankenfood: Hillary Clinton pushes GMO agenda... hires Monsanto lobbyist... takes huge dollars from Monsanto
Wild eyes and bowl cuts: Why do mass shooters always share the same hair styles and crazed zombie stares?
Mind control through emotional domination: How we're all being manipulated by the "crisis of the NOW"
Genetically white woman now claims self-identify as black: If you can choose your gender, can you also choose your race? What about your species? Can a human claim to be a llama?
(NaturalNews) Once upon a time, home ownership was considered the American dream, but since the Great Recession of 2008-2009, triggered by the bursting of a real estate budget a former Reagan budget official says was brought on by poor legislation and shady Fed practices, it has become more of a nightmare.

More than 300,000 "zombie" homes - those which have been foreclosed upon and abandoned by their owners - are now sitting idle across the country, and with low economic growth, sustained high unemployment as well as underemployment, the housing situation is not liable to improve anytime soon.

From Reuters:

A national survey found 301,874 "zombie" properties dotting the U.S. landscape in which homeowners in foreclosure have moved out, leaving vacant property susceptible to vandalism and degradation.

Topping the list is the Sunshine State: Florida has some 90,556 zombie properties containing vacant homes in foreclosure, according to a foreclosure survey released March 28 by RealtyTrac, a real estate information company based in Irvine, Calif.

Following in a distant second and third place are Illinois and California respectively, with 31,668 and 28,821 properties on the foreclosure list.

A pretend housing recovery for a pretend economy

Though the Obama administration has been reporting that the housing market is improving, the facts refute such claims.

"The number of homes overall in foreclosure or bank-owned rose by nine percent to 1.5 million properties nationally in the first quarter of 2013 compared to a year ago, according to RealtyTrac," Reuters said.

What's more, according to RealtyTrac VP Daren Blomquist, a tidal wave of homeowners are at risk of losing their dream. He says nearly 11 million more nationwide are at risk because they simply owe more than their property is worth.

Blomquist's firm, for the first time, analyzed data on zombie properties following a special report from Reuters in January of this year examining the special, and growing, problem of zombie property titles, he said:

Reuters revealed the plight of people who walked away from their homes not realizing that their names remained on the deed and that they were financially liable for taxes and other bills related to the abandoned property.

In a number of cases, the news service reported, homeowners abandoned their property after receiving a notice it would be put up for foreclosure sale, only to find out some time later that the bank holding their lien never actually followed through.

And abandoned homes begin to resemble abandoned lots, factories and stores: They deteriorate into eyesores and become havens for criminal activity.

There are a few ways to read into RealtyTrac's data. While Florida has the largest number of zombie properties, the state of Kentucky actually has the highest percentage of zombie properties. Though Sen. Rand Paul's state has fewer than 1,000 zombie properties, they represent 54 percent of the total foreclosure inventory, Blomquist said.

Elsewhere - Washington state, Indiana, Nevada and Oregon - zombie properties constitution 50 percent or more properties in foreclosure, the report said.

Not much improvement

Blomquist said zombie property numbers could actually be higher that what is reflected in the report because researchers used a conservative methodology to estimate the actual number of foreclosed homes:

In Florida, for example, the company does not count any property that has been in foreclosure longer than the state average of 853 days and for which there has been no significant recent activity. The report also does not take into account cases in which a bank chose not to follow through on a foreclosure judgment, leaving the property in limbo.

The RealtyTrac VP said Florida's lengthy average foreclosure time most likely has contributed to the higher number of zombie properties because over time, owners simply give up on the home and just walk away.

He also said while a housing recovery may be underway (though it is obviously not widespread), a full, real recovery has yet to take hold - meaning housing growth is occurring, when it occurs at all, in spite of the administration's current economic policies.

"I think the empty foreclosures is less of a long-term threat but it certainly is affecting individual communities and neighborhoods," Blomquist said.

Welcome to the new normal in home ownership.






Follow real-time breaking news headlines on
Foreclosures at FETCH.news
Join over four million monthly readers. Your privacy is protected. Unsubscribe at any time.
comments powered by Disqus
Take Action: Support NaturalNews.com by linking back to this article from your website

Permalink to this article:

Embed article link: (copy HTML code below):

Reprinting this article:
Non-commercial use OK, cite NaturalNews.com with clickable link.

Follow Natural News on Facebook, Twitter, Google Plus, and Pinterest

Colloidal Silver

Advertise with NaturalNews...

Support NaturalNews Sponsors:

Advertise with NaturalNews...


Sign up for the FREE Natural News Email Newsletter

Receive breaking news on GMOs, vaccines, fluoride, radiation protection, natural cures, food safety alerts and interviews with the world's top experts on natural health and more.

Join over 7 million monthly readers of NaturalNews.com, the internet's No. 1 natural health news site. (Source: Alexa.com)

Your email address *

Please enter the code you see above*

No Thanks

Already have it and love it!

Natural News supports and helps fund these organizations:

* Required. Once you click submit, we will send you an email asking you to confirm your free registration. Your privacy is assured and your information is kept confidential. You may unsubscribe at anytime.