vacant properties

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.”

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

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.

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Coming together to address vacant properties: Leaders share successes at RHP conference

With more than 360,000 foreclosures filed in the Chicago region in the past five years, it is clear that the scale of the problem is too large for any one entity to solve on its own. Leaders from across the region came together at a conference hosted by the Regional Housing Partnership (formerly known as the Regional Home Ownership Preservation Initiative) to discuss how they have been working with new and old partners to ensure that communities thrive in the wake of the foreclosure crisis.

A city ordinance is failing to keep owners of vacant properties in check (Chicago Reporter)

“It’s hard to develop a solution if you can’t identify the problem,” says McDowell, a senior organizer with the nonprofit Southwest Organizing Project. The problem is that there is a glut of vacant buildings--somewhere between 500 and 600--from 51st and 74th streets between Western and Kedzie avenues. They began piling up five or so years ago, and nobody seems to have a handle on where they’re located or what conditions they’re in--not even city officials, who are tasked with making sure the properties are maintained.

Struggling Chicago area homeowners still need help, despite some positive signs

August 16, 2013 - 10:35am
On its face, this sounds like good news, but it’s too soon to break out the champagne. It seems unlikely that the foreclosure crisis over when more than a third of Chicago region homes are underwater and unemployment remains persistently high
There likely are a number of reasons behind the drop in new foreclosures.


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