Daily market update: Oct. 9, 2015

RealtyTrac’s U.S. Zombie Foreclosure and Vacant Property Report:

• A “zombie foreclosure” happens when a homeowner moves out of the home after foreclosure proceedings have started, but then the foreclosure is held up in some way or canceled, leaving the title in the homeowner’s name.
• This phenomenon is on the decline. A RealtyTrac report shows that 20,050 properties were vacant zombie homes at the end of the third quarter.
• That’s a decrease of 27 percent since the second quarter, and 43 percent from the same quarter last year.

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