Just because it isn’t Halloween season it doesn’t mean that it’s the end of zombies and vampires. A real estate firm coined the term “vampire houses” to represent the many homes that have gone into foreclosure, but the original owners continue to live there. Vampire homes are slightly different from zombie homes in which no one lives in. These homes are going through the foreclosure process, but they have been abandoned by the owners. Which one is worse? It’s hard to say. All we know is that both vampire and zombie homes continue to grow in NJ.
Why So Many Foreclosures in NJ?
It’s no secret that the Garden State has been hit hard by foreclosures. In fact, as much of the country is seeing a reduced rate of foreclosures, the number of foreclosed properties is still increasing in NJ. This is largely due to the fact that New Jersey is one of 17 states that requires foreclosures to go through the court system. With so many homes in foreclosure, the state has a lot of paperwork to process, and foreclosed homes keep piling up.
In the meantime, zombie homes continue to sit, and more homes turn into vampire lots where the family continues to live in the home until they are forced out. Currently, there are more zombie homes than vampire homes, with a staggering 14,000 homes sitting empty, accounting for 17 percent of the NJ population. The vast majority of these homes come from Cape May, Hudson County, Camden, Gloucester and Somerset.
Will Any Good Come out of Vampire and Zombie Properties?
Of course, no homeowner who pays their bills and mortgage on time wants to hear that they have zombies and vampires for neighbors. But, is there any good that could result from this?
Hopefully, yes. As New Jersey deals with more paperwork and processing, the banks are going to want to sell homes sooner. This leaves a good opportunity for buyers to purchase a home that they want, in an area that they want and for a price that they want. With so many homes in the foreclosure process, buyers will have the upper hand, because at the end of the day, these homes are better off being sold and having real owners live in them rather than sitting vacant or with “vampires.”