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South Florida Zombie Foreclosures Continue to Drop

Miami foreclosure attorney
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Floridians surely are familiar with the term “zombie homes,” as the state has garnered a reputation for having an alarmingly high volume of these abandoned properties. For those who aren’t versed in the terminology of the housing market, a zombie home  is one which the homeowner no longer lives in, but foreclosure action has yet to be completed. In most cases, the lender does not have control of the property either; hence, these zombie homes are not maintained and bring down the value of the surrounding properties. Such properties hit their peak in the southern half of the Sunshine State in 2014, but Florida and the nation are turning things around in a big way as of late.
A Promising Report
The latest report on zombie homes comes from ATTOM Data Solutions . The real estate research firm found that zombie homes in the area fell 20 percent during the third quarter of 2016. Just 649 homes undergoing the foreclosure process in South Florida had been abandoned as of the end of the quarter. The good news extends to other areas of the country as well. The national numbers fell 9 percent year-over-year during Q3, with 18,304 abandoned homes somewhere in the foreclosure process.
Why is this important?
The lowered number of zombie homes reflects a healing real estate market, supported by the significant drop in foreclosure filings which has accompanied the falling zombie foreclosure rates. It also shows that lenders are actively working to complete the foreclosure process much faster and take ownership of homes for which mortgages have been defaulted on. As concerns over the Zika virus in South Florida grow, these falling numbers are especially significant. These abandoned homes that are not cared for pose a health hazard. When it rains and water pools (as is often the case in the area), that water is left standing. Why is this a problem? It creates a breeding ground for mosquitoes, which can then spread the virus throughout the tricounty area and beyond. Essentially, the drop in zombie home rates is good news in many respects for everyone.
If you have questions about foreclosure, our team of experts is just a call away. Call  a Miami foreclosure attorney at Graham Legal today to discuss your case free of charge.

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