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St Louis Makes List Of Top Ten Metros In U.S. For Rate Of Zombies

That’s right, Zombies are very real and very present in St Louis…at least Zombie foreclosures that is!  That’s right.  According to a foreclosure zombie report just released this morning by RealtyTrac, St Louis made the list of “Top 10 Zombie Foreclosure Rates Among Major Markets”, coming in at number 6 on the list with 1 of every 1,627 housing units being a zombie foreclosure.  In the number 1 spot on the list was Tampa Florida where 1 of every 217 housing units is a zombie foreclosure (the complete list, and infographic, is below).

What is a Zombie Foreclosure?

Yet another new term that is common place in the real estate community now, but was not 10 years ago, is “Zombie Foreclosure”.  This term has been applied to homes whereby the homeowner is in default on their mortgage and headed to foreclosure but vacates the home prior to actually losing it in foreclosure.  This often results in the property becoming blighted while going through the process, and until the bank obtains ownership of the home, as no one is there taking care of it and the owner has given up.  Zombies are not good for neighborhoods nor home values of the surrounding homes.

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Top 10 Zombie Foreclosure Rates Among Major Markets - RealtyTrac

 

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