Zombie Foreclosures? Fact or fiction in the RTP market

The attached report from Realty Trac was a shocker when NC and our market were mentioned as the top percentage gainers in this category, going against the national trend. The report did not state how many houses in some stage of foreclosure had been vacated, just that the percentage of these had increased 21%. Third quarter foreclosures in Wake County were down 27% and were down 22% in the state. Does the increase in zombies mean an increase in coming foreclosures? No, it means a larger percentage of these types of houses are being vacated. During the height of foreclosures, the majority of occupants were staying in the residence until eviction, that trend seems to have ended. What does it mean for our market? Vacant houses, regardless of the situation, are not good for property values. The houses that are adjacent to these dwellings are most likely to be adversely affected. Subdivisions with a large number of these will need to have an active HOA and security to assure they do not become a breeding ground for crime.

About TARR Report

S.M.A. Publications was formed in 1997 with a mission of providing real estate information for practitioners within the Research Triangle Park area of North Carolina. The company produces the T.A.R.R. Reports which are published monthly, quarterly and annually, covering all aspects of the residential real estate market. The publisher, Stacey P. Anfindsen, has over 23 years of residential experience in the Triangle market. He is an active real estate appraiser, educator and consultant.
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