Zombie Foreclosures Down

What is a Zombie foreclosure anyway? A Zombie foreclosure is a property that has been vacated by the home owner and left unattended. According to a recent RealtyTrac Report, the number of vacant homes in the foreclosure process during the third quarter of this year have dropped significantly in Southwest Florida. In Lee County, so-called zombie foreclosures totaled 85 which represents a 63 percent drop from 228 during the third quarter 2015. Collier County has 16 foreclosures on vacant homes which is down 77 percent from 69 in the third quarter last year. In Charlotte County, there were 40 zombie foreclosures, a decline of 52 percent from 83 during the third quarter 2014. Nationwide, zombie foreclosures were down 43 percent from a year ago.

In looking at all foreclosures including zombie foreclosures, according to RealtyTrac’s Q3 and September 2015 U.S. Foreclosure Market Report, foreclosures in Cape Coral-Fort Myers metro totaled 438 units in September, up 10 percent from 298 in August but down 23.29 percent from 571 in September 2014. Naples-Immokalee-Marco Island metro foreclosure activity totaled 170 units in September, up 11.84 percent from 152 in August but down 19.05 percent from 210 in September 2014. Fort Myers-Cape Coral foreclosure activity in the third quarter of 2015 totaled 1,407 units, compared with 2,012 units in the same period last year. Naples-Immokalee-Marco Island third-quarter foreclosure activity totaled 497 units, compared with 472 in the third quarter of 2014. Florida posted the nation’s second-highest foreclosure rate, the report shows.

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