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"Vampire" Foreclosures are What’s Keeping Bank Inventory High, Analyst Says

blogs.marketwatch.com | October 10, 2013

By Ruth Mantell

As if rising mortgage rates aren’t scary enough, analysts have identified a lurking threat to housing: “vampire” properties.

These “vampire” properties are bank-owned foreclosed homes in which prior owners continue to live, as defined by RealtyTrac, an online foreclosure marketplace.

Former owners live in 47% of U.S. bank-owned properties, according to RealtyTrac. These properties are “sucking the life out of the housing market,” said Daren Blomquist, vice president at RealtyTrac, an online foreclosure marketplace.

“The concern with these homes is that they are inevitable inventory that had been delayed from hitting the market,” Blomquist said. ”We don’t anticipate these properties will derail the housing recovery when they hit, but they will certainly take some of the steam out of the recovery.”

There are particularly high rates of “vampire” properties in Virginia, where they make up 72% of bank-owned homes and Nebraska, where they make up 68%. Many states with high shares of vampire homes have relatively short foreclosure processes and a low rate of homes with negative equity.

“Homeowners may have less time to prepare to vacate the home because of the shorter foreclosure process, but also may be more motivated to fight the foreclosure because they are more likely to have positive equity in the home,” Blomquist said.

Vampire properties should not be confused with their creepy cousins, zombie foreclosures. According to RealtyTrac, zombie foreclosures are properties that have been vacated by the homeowner but are “languishing” in the foreclosure process. About one-in-five homes in foreclosure across the country have been vacated by the homeowner.

 

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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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