Vampire & zombie foreclosures threatening housing market - Fox29 WFLX TV, West Palm Beach, FL-news & weather

Vampire & zombie foreclosures threatening housing market

(WFLX) - New numbers out Thursday morning show more people are living in their foreclosed property.

Realty Trac came out with a new report talking about several "monsters" that threaten the housing market.

One being vampire foreclosures. Numbers show 47 percent of banked owned homes are still occupied by their former owners.

Realty Trac says it's a big reason why many of these homes are listed for sale. But because prices are starting to rise, banks will want to sell those homes sooner rather than later to try and recoup some of their losses on the loan.

Realty Trac also says majority of these previous owners are not upkeeping the property, so it makes it harder to sell and in turn harder for the housing market to recover.

According to the report, Virginia and Nebraska were the highest for states with vampire foreclosures.

The other "monster" threat is a zombie forclosure where the property has been abandoned by the owners, but still not reclaimed by banks . Realty Trac says that 20 percent of homes nationwide in foreclosure are unoccupied.

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