ZOMBIE FORECLOSURE: A term for when a distressed homeowner leaves a property before the bank can finish taking it back.
RealtyTrac.com released its third quarter report on “zombie foreclosures” and the report showed that contrary to a declining trend nationally that both North Carolina as a whole and Raleigh specifically showed significant increases. Zombie foreclosures increased by 65% in North Carolina and 21% in Raleigh from year to year. Nationally, there were 117,298 zombie foreclosures in third quarter compared with 152,033 in the same quarter in 2013.
I’m so happy that Habitat provides homebuyer education and develops relationships with families that help prevent foreclosure.