Zombie Apocalypse

2 Apr

Its Here…

The ‘Walking Dead’ Housing Recovery – Zombie Foreclosures

While most prefer to ignore inventory as an issue (apart from Bob Shiller and Karl Case who have adamantly refused to ‘bless’ this ‘exuberant’ housing recovery), knowing full well that at some point these huge volumes of vacated but still ‘owned’ homes must come to market (once the foreclosure process picks up). The reality is that with Nevada, Kentucky, Maine, and Indiana having over 50% of homes in vacant foreclosure, there is plenty of supply to come(and with it the accompanying downward pressure on prices)…

Roughly half of foreclosed homes in Nevada are “zombie foreclosures,” or properties flagged as vacant or abandoned, said Daren Blomquist, vice president for the Irvine, Calif.-based online listing service.

Aim for the head….

Zero Hedge

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