The REAL Zombies are coming...............from Rico

Zombie properties are about 20% of all properties in foreclosure (where owners have walked-away before the foreclosure process has completed).

 

These 'zombies' are about to solve the lack of inventory problem that the NAR has been complaining about, and in a very big way.

- Foreclosure completions have jumped 50% from a year ago and millions of previously unavailable properties will be put on the market = driving housing prices lower.

 

The areas where the 'zombie' problem is worst coincides with where the economy is getting worse at the fastest pace. The areas where 'zombie' foreclosures represent the highest percentage of all properties in foreclosure can be seen on this 'top 50' list of the worst cities.

- Those cities in the 'top 10' on this list might well consider taking an offer, any offer, and getting out while the getting is good....before the 'zombies' arrive.

 

After NJ which claims the #1 and #2 spots on this 'zombie' list (where 1 in every 210 housing units is a 'zombie') comes FL (where 1 in every 324 housing units is a 'zombie').

- TPA-St PETE-CLW ranks at #3 on this list.

 

'murica!

- If you can't afford a house, you rent. If you can't afford to rent, then there is always Sec-8, or a tent, or a nice spot under a bridge.....but this is NOT the face of a 'recovery.'