Los Angeles Foreclosed Homes
Zombies still up from a year ago in half of U.S. metros
Zombies still increased in 91 of the 183 metropolitan statistical areas analyzed in this report. Major markets where the number of zombies increased from a year ago included New York (up 38 percent), Los Angeles (up 39 percent), Houston (38 percent), Philadelphia (up 19 percent), and Boston (up 14 percent).
“We are at the end of a long workout cycle and the distress inventory being processed by banks here are an aggregation of tough foreclosure transactions that have typically evolved with starts and stops to the process but in reality the outcome for these REOs has been known for a while,” said Mark Hughes, chief operating officer with First Team Real Estate, covering the Southern California market. “As such the owners have moved on and left these zombie foreclosures to deteriorate and limp along until a new owner brings new blood.”
There are many more options available in today’s housing market for homeowners and engaging a knowledgeable Realtor representative early in the process can potentially save troubled homeowners time, money, and potential credit and foreclosure actions.”
The average square footage of an owner-vacated zombie foreclosure in the second quarter was 1,718, 92 percent of the average square footage of owner-occupied foreclosures (1,873) and 6 percent of all owner-vacated zombie foreclosures involved a deceased homeowner, compared to 3 percent of all owner-occupied foreclosures with a deceased homeowner.
Financial institutions with the most zombie foreclosures
Financial institutions listed as the beneficiary on the foreclosure documents with the most zombie foreclosures were Wells Fargo (16,171), Bank of America (9,543), US Bank (8,278), JP Morgan (7,519) and NationStar Mortgage (6,560).
Banks Are Willing to Do Loan Modifications as Zombie Foreclosed Homes Increase by 39 percent in Los Angeles Area is
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