Why Illinois Leads America in Creepy Zombie Foreclosures

As if the word foreclosure isn't frightening enough, adding the word zombie to it makes it even worse and it's troubling that Illinois is among the leading states in the nation for this terrible housing trend.

What are zombie foreclosures anyway?

Rocket Mortgage defines a zombie foreclosure as "a situation in which a homeowner vacates their property after receiving a notice of mortgage default". The homeowner leaves before the foreclosure takes place which means there is no one around to maintain the home.

Only one station in America has a higher percentage of zombie homes than Illinois

According to a new study by Realtor.com, Illinois has a 6.1% vacancy rate for empty "zombie" investor-owned homes. Only Indiana has a higher percentage of vacant investor-owned homes than Illinois. They say that individuals or companies buy these homes for "rent, resale, or quick flips", but the end result is the homes sit empty sometimes with little upkeep which can wreck the value of other homes in the neighborhood.

It is also mentioned that Illinois has one of the most expensive zombie homes currently on the market now listed at over $2.2 million dollars with a foreclosure status in Chicago.

What can be done to avoid all of these foreclosures in Illinois?

The US Department of Housing and Urban Development offers tips on how to avoid losing your home. They emphasize the importance of reaching out to the lender if you think you'll miss a housing payment before it happens. If you do miss a house payment, do not avoid answering the phone when the lender calls you. Communication is key before processes start that lead to home abandonment.