Based on a recent 2020 Vacant Property and Zombie Foreclosure Report, over a million residential properties across the country are currently vacant, comprising just over one percent of all homes in the United States. During the second quarter of the year, more than 258,000 were in foreclosure, an increase of over eight percent from the first quarter, when 282,767 homes were in foreclosure.
Dubbed “zombie foreclosures” these properties comprise about three percent of the homes in foreclosure in the second quarter, where the property is no longer inhabited by the owner and the foreclosure is put on hold perpetually.
Among states, Florida earned second place in regards to the largest number of zombie foreclosures in the second quarter pf 2020 with 1,100+, following New York, which reported more than 2,000.
Zombie foreclosure properties somewhat declined in the first quarter of 2020 from 3.1 percent of total foreclosures. Most of this is due to a clause in the CARES Act that forbids foreclosures on mortgages backed by the government until at least the end of this month.
This update is by hard money lenders Miami company Monroe Funding Corporation, a direct equity lender serving clients throughout Central and South Florida. We specialize in first mortgages on non-owner occupied residential and commercial property investments as well as real estate loan options. Our fast and flexible loan programs get you to the closing table quickly and professionally. For more information on Broward County hard money lending, please call 954-816-0388 or fill out our application.