Real Estate Blog

July 9, 2014

Few zombie foreclosures in Fresno

Real Estate Blog

BoNhia Lee on what's going down and going up in the Valley market

Zombie foreclosures are lurking in communities that were hit hard during the real estate crisis.

We’ve seen lots of them in Fresno — houses that are in the foreclosure process and empty of life, but not yet foreclosed.

It may be a surprise then that a new quarterly report from RealtyTrac, an online housing data company, doesn’t list Fresno or California as being overrun with the undead (homes, not people) despite once placing high among the nations top foreclosure zones.

In the Fresno metropolitan area, 74 of the reported 1,437 homes in foreclosure during the second quarter of this year were vacant, the report said. That represents only 5% of all foreclosures.

Florida accounted for more than one-third of all zombie foreclosures nationwide with 48,630 vacated homes out of its 195,183 foreclosures. New York, New Jersey, Illinois and Ohio rund out the top five.

By comparison, California only had 4,243 vacant houses out of the 50,567 foreclosures statewide.

Foreclosure specialist Travis Takeuchi, a real estate agent with Century 21 M&M in Clovis wasn't shocked at the news.

At the beginning of the foreclosure crisis, homeowners were quick to leave their homes, but many now stay to work with banks on loan modifications, he said.

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About BoNhia Lee

@bonhialee

BoNhia Lee is a business reporter who has covered the ups and downs of the residential and commercial real estate market for The Bee since 2009. Contact her at blee@fresnobee.com or 559-441-6495.

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