zombie properties

Vacant and Abandoned (South Side Weekly)

A woman who lives nearby says that people still live there (“squatters’ rights”). After the housing crisis, says the woman (she declined to give her name), “people had no place to go so they moved in wherever they could get.” She points to a bullet hole in the basement window just left of the front door.

“Poor people had nothing and they took all their shit.”

New York Facing ‘Zombie Property’ Epidemic (RealtyBiz)

New York Attorney General Eric Schneiderman says he plans to introduce legislation to get banks and mortgagees to better maintain the vacant properties. 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.

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.

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.

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