In Rust-Belt cities like Cleveland and Detroit, many of the zombie foreclosures are old homes in poor condition that would cost more to rehab than they would be worth and will likely be razed. “That drags down home values in the surrounding neighborhood and contributes to a climate of uncertainty in local housing markets,” he said. In some cities, every one in three foreclosed homes has been vacated, according to Blomquist. “The biggest threat from foreclosures going forward is properties that have been lingering in the foreclosure process for years, many of them vacant with neither the distressed homeowners nor the foreclosing lenders staking responsibility for maintenance and upkeep of the homes,” said Daren Blomquist, RealtyTrac’s spokesman. On average, these homes have been going through the foreclosure process for 1,031 days - or nearly three years. That’s roughly 21% of all homes in the foreclosure process. Vacated by the owner and left unattended, nearly 152,000 “zombie foreclosures” are weighing on home values in states like Florida, Illinois and New York, RealtyTrac said. RealtyTrac reported Thursday that foreclosure filings fell 27% year-over-year in February to a new seven-year low, indicating that the pace of filings have returned to normal levels since the foreclosure crisis. NEW YORK (CNNMoney) - Foreclosures have hit their lowest level in years, yet many cities report they are still struggling with the blight of “zombie foreclosures.”
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