Zombie foreclosures plague neighborhoods in some cities, but not in Denver. Out of the 1.6 million residential properties in Colorado, only 85 are considered to be zombie foreclosures.
What is a zombie foreclosure? It means the home is vacant, the legal process has started, but the bank has not yet repossessed the home.
Nationally, about 20,000 U.S. residential properties are in the foreclosure process, but not yet repossessed by the foreclosing lender.
In Colorado, there are 14,230 vacant homes (0.9 percent). Of those, 7,214 are vacant with open loans (50 percent) and 595 are deemed vacant underwater (4.2 percent ). As stated above, only 85 homes are vacant and in foreclosure, or zombies.
Such a small amount of zombie foreclosures is good news for the state and an indicator of a solid economy.
Alaris helps you avoid foreclosure. We have a team of brokers who understand the foreclosure process. We have helped hundreds of homeowners avoid foreclosure. If you are facing foreclosure, please contact us today. If you are interested in buying a home in foreclosure and would like some assistance in understanding the process, we would happy to answer any questions.