foreclosures

New York Fights Back Against 'Zombie' Properties (Realtor Magazine)

He wants to double the number of nonprofit land banks that can buy abandoned and foreclosed homes and rehab or demolish them, HousingWire reports.

New York isn’t alone in being haunted by the “zombie property” epidemic. As of mid-2013, 300,000 zombie foreclosures were in neighborhoods across the U.S., according to statistics from RealtyTrac.

Vacant properties where lenders haven’t completed the foreclosure process or taken possession of them yet have been dubbed “zombie properties.”

Foreclosure filings decline in Evanston (Evanston Now)

That's based on newly-released figures from the Woodstock Institute. The decline in Evanston was just one-tenth of a percentage point higher than the drop for Cook County as a whole. There were 172 foreclosure filings in Evanston last year, compared to 295 in 2012.

Foreclosure filings in Evanston declined by 41.7 percent last year compared to the year before.

New York Attorney General: Zombie property killer (Housing Wire)

According to a recent report from the Woodstock Institute, if the trend continues, there will be an additional 7,200 zombie properties in Cook County, including nearly 3,200 in the city of Chicago, by 2015.

“Zombie properties will make it harder for Cook County to recover fully from the housing crisis, especially in the neighborhoods where they are concentrated,” Spencer Cowan, vice president of Woodstock Institute, said.

“Zombie” properties haunt Austin (Austin Talks)

The goal was to provide two families with housing once renovations were complete. But soon the developer discovered a host of issues. Because the water had not been turned off, the basement had flooded, the roof needed to be repaired and all the fixtures were missing.

And the furnace, pipes, toilet and bathtub had also been removed from the property.

This is just one example of what occurs among hundreds of properties on the West Side.

'Zombie' properties are on the rise – but here's how to kill the trend (Crain's Chicago Business)

A property is considered a “zombie property” when a mortgage servicer files for foreclosure and then does not complete the process. Often, the servicer walks away from a property after deciding the cost of proceeding with the foreclosure and maintaining the property until it can be sold will exceed the expected return.

Getting Back in Gear: Better Ways to Move Stalled and Vacant Foreclosures Forward

Date: 
Tuesday, March 11, 2014 - 8:30am to 3:30pm

 

On March 11 the Federal Reserve Bank of Cleveland is hosting a one-day seminar to explore the challenge of stalled and vacant foreclosures. We'll define the problem, discuss promising approaches to it, and dissect examples of successfully dealing with stalled and vacant foreclosures in order to replicate these practices elsewhere. Woodstock vice president Spencer Cowan will be presenting.

Event type: 

Policy Brief: Unresolved Foreclosures Patterns of Zombie Properties in Cook County

This fact sheet summarizes the Unresolved Foreclosures: Patterns of Zombie Properties in Cook County report, which examines the extent to which mortgage servicers are filing for foreclosure and then not pursuing the case to resolution in different types of communities in Cook County, Illinois. The report defines a zombie property as a property with a foreclosure filing that has not been resolved for more than three years. Because neither the borrower nor the servicer has clear control of the property, neither has an incentive to assume responsibility for the property.

Zombie properties pose challenge to Cook County housing recovery, new report shows

CHICAGO—A new report from Woodstock Institute estimates that there are more than 11,700 zombie properties in Cook County, including more than 5,800 in the City of Chicago. A property becomes a zombie when a mortgage servicer files for foreclosure and then does not complete the process and take ownership of the property or resolve the foreclosure by other means.

Unresolved Foreclosures: Patterns of Zombie Properties in Cook County

The report defines a zombie property as a property for which a foreclosure case has been filed but not resolved for more than three years. Because neither the borrower nor the servicer has clear control of the property, neither has a strong incentive to assume responsibility for the property. Zombie properties, therefore, are likely to be poorly maintained or blighted, which threatens the stability of surrounding communities.

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