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Large Number of Foreclosed Homes Are Abandoned by Owner

This post was written by jd on July 8, 2013
Posted Under: Uncategorized

 

Photo credit: Tom Moon ; http://realestate.aol.com/blog/2011/02/04/worst-foreclosed-home-vandalism-ever/

Photo credit: Tom Moon ; http://realestate.aol.com/blog/2011/02/04/worst-foreclosed-home-vandalism-ever/

 

Here’s a recent article on people going into foreclosures and moving out of their homes.  Not said in this article, is how often the homeowner demolished the home that they lived in.  I’ve seen some horrible examples, wire being stripped, electrical breakers taken out, and in one case that I saw, they had cut all the wires and controls off of a well pump.  An inspector told me of one home owner pouring concrete down toilets. Another took all the appliances out of the home, which seems to be quite common. Anyhow, here’s the article:

“Is anyone home? Apparently not in a large share of foreclosed homes. Twenty percent of foreclosures nationwide are abandoned by their owners and left vacant, according to RealtyTrac.

It’s important to move vacant foreclosures quickly so that they don’t negatively impact surrounding real estate values, says Daren Blomquist, vice president of RealtyTrac. Bank of America, GMAC, Chase, Wells Fargo and Citi hold the highest number of vacant foreclosures.

Twenty-nine percent of the vacant foreclosed homes are priced below $50,000; 25 percent are between $50,000 to $100,000; and 12 percent are in the $1 million-plus range, according to RealtyTrac.

The states with some of the highest percentages of vacant foreclosures are:

  • Indiana: 32%
  • Oregon: 28%
  • Nevada: 28%
  • Washington: 27%
  • Georgia: 27%

Still, “even if all these homes flooded the market simultaneously, they would likely not cause the once-feared double dip in prices given supply constraints from non-distressed sellers and stronger demand,” Blomquist says.”

Source: “RealtyTrac: 20% of Foreclosures Remain Vacant After Owner Departs,” HousingWire (June 20, 2013)

A very good article and more pictures of what some people do when they leave their home due to foreclosure click here
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