South Florida ranked second in the nation in the amount of abandoned homes facing foreclosure – or “zombie foreclosures,” a new report from RealtyTrac shows.
The region had nearly 13,000 so-called zombie homes during the second quarter of 2014. Only New York City, which had 13,574 vacant residential properties in foreclosure, ranked higher in RealtyTrac’s report. Of South Florida’s 70,909 homes in foreclosure, 18 percent were abandoned. On a positive note, zombie foreclosures in the region dropped by 7 percent year-over-year.
A key reason for the amount of vacant homes is the glacial pace of foreclosure cases in Florida. An average foreclosure in the state lasts 411 days, according to the South Florida Business Journal. Only New York, at 418 days, has a longer average span. [South Florida Business Journal] — Eric Kalis