Real Estate:

Las Vegas ranks high for ‘zombie’ foreclosures

A vacant HUD home is shown in North Las Vegas April 2, 2013. A neighbor said that it has been vacant for about two years. (1524 Gaber Court, North Las Vegas)

Las Vegas homeowners on the path to foreclosure pack up and leave more often than most struggling borrowers around the country, a new report shows.

The Las Vegas area has a “zombie” foreclosure rate of 36 percent, which refers to the share of homes in the foreclosure process that are empty but not yet bank-owned, according to RealtyTrac.

That’s the third-highest rate among metro areas with at least 200,000 people and 500 zombie foreclosures, behind St. Louis (51 percent) and Portland, Ore. (40 percent), RealtyTrac reported.

The rate nationally is 25 percent.

Locally, 1,832 properties are classified as zombie foreclosures, ninth-highest among metro areas. The much-larger New York City area is first, with 19,177.

RealtyTrac, based in Irvine, Calif., said it produced the report by matching its database of foreclosure filings with addresses that the U.S. Postal Service has deemed vacant or where the owner has requested a change of address.

Real Estate

Share