Night of the living debt….

Zombies ATL 3

Well, this kinda fits, doesn’t it?

Atlanta, home to all sorts of zombies and undead – at least in the world of entertainment – is also one of the nation’s leaders when it comes to “zombie” foreclosures.

That is, according to a report issued today.

The phrase refers to homes that are in the foreclosure process, are vacant and not yet repossessed by the lender.

 

The nation has 1.5 million vacant homes, but a small portion are in foreclosure, according to RealtyTrac, a California-based compiler of real estate information.

That combination is an indication of some problems or unevenness in a market – and it’s not necessarily a good thing for a neighborhood either.

Vacancies can be eyesores, as well as magnets for squatters or thieves. And foreclosures are generally seen as a drag on values.

Metro Atlanta, of course, was among the hardest-hit by the housing crisis. Average home prices are still below their pre-recession peak – and in some areas, they haven’t made much of a recovery at all.

RealtyTrac says that among metro areas that have at least 100,000 homes, Atlanta ranks fourth in zombie foreclosures, behind Detroit with 84,291, Miami with 67,139, and Chicago with 48,181.

Atlanta has 36,396 zombie foreclosures, slightly more than New York.

 

 

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