10/10/2013

RealtyTrac says the housing recovery gets a short-term boost but faces a longer-term threat from "vampire" foreclosures -- its term for bank-owned homes in which the prior owners still reside. These account for nearly half of bank-owned properties in the U.S., the company says, and they could slow the housing market's recovery as banks move to sell. The "vampire" properties will combine with so-called "zombie" foreclosures, or homes that owners abandon during the foreclosure process, many of which also have yet to make it to the market.

Related Summaries