nationwide zombie
Many advocates caution that RealtyTrac data underestimates the number of zombie foreclosures, which are hard to count.

Shaky Alliances Form to Fight Zombie Foreclosures

Nearly a decade after the subprime crisis, many neighborhoods are still plagued by undead leftovers from the crash. “Zombie foreclosures” are those that have been begun — but not finished — by lenders. As homes sit empty, they invite vandalism, drag down property values, and erode municipal tax bases.

Now, in an attempt to exterminate zombies, some unlikely alliances are being formed by groups that traditionally work against each other. One of the most coordinated efforts has become known as “fast track,” so called because it would shorten the amount of time a court-enforced foreclosure process takes.

Fast-track efforts have drawn a diverse group of supporters to an effort that seems like it should be a win-win for municipalities, mortgage bankers and other lenders, and even homeowners. But the alliances between different groups who don’t normally share the same goals or views have been uneasy and the progress murky, and some players say they’ve yielded as many setbacks as steps forward.

More here…

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