February 24, 2025 - 12:01
Zombie foreclosures are popping up across the U.S. as homeowners struggle to make monthly mortgage payments. This troubling trend is particularly evident in five states, where abandoned properties are becoming increasingly common. A zombie foreclosure occurs when a homeowner vacates their property after receiving a foreclosure notice, yet the bank has not yet taken possession of the home.
This situation leaves many houses in limbo, often leading to deterioration and a decline in neighborhood property values. Experts attribute the rise in zombie foreclosures to a combination of economic challenges, including job loss and rising living costs, which have left many homeowners unable to keep up with their mortgage obligations.
As these properties remain unoccupied, they attract vandalism and other issues that can further complicate the housing market. Local governments and housing advocates are calling for increased awareness and support to assist struggling homeowners and mitigate the impact of this growing phenomenon on communities.
