As a result of the United States housing foreclosure crisis from 2007-2010, the amount of foreclosed, abandoned, and unclaimed properties drastically increased, which can diminish the market value of surrounding properties. ATTOM Data Solutions, the nation’s leading property database, discovered that as of 2020 there are approximately 1.5 million zombie buildings in America. Zombie buildings result from homeowners prematurely vacating their properties after receiving a foreclosure notice because they mistakenly assume their foreclosure lender is immediately responsible for the property, even if the lender does not complete the foreclosure process or sell the home. If you own a mortgaged property, this article will educate you on avoiding property abandonment.
There are many reasons for property abandonment. Buildings are often deserted as a result of poor economic situations or demographics. Many experts suggest that the lack of employment in many regions is the reason why most individuals abandon their homes. If a community has high unemployment, there are minimal opportunities to sell or rent their home. For example, in the Midwest and Northeast region of the United States commonly referred to as Rustbelt, there has been a drastic economic decline since the 1980s as a result of unemployment causing a substantial increase in zombie buildings.
Another reason properties are left behind is that less than 2% of people are willing to close on a foreclosure property. To prevent a valuable property from becoming abandoned, check out the below resources:
Apart from the above-mentioned ways to avoid property abandonment and foreclosure, conscious budgeting and spending habits are key. Mindful living expenses can lead to financial independence and avoid losses.
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