Glut of Abandoned Foreclosure Homes Still Plagues Cities

A glut of abandoned homes across the country is a reminder that the foreclosure crisis hasn’t faded away yet. In six of the nation’s most populated metro areas, at least a third of homes in foreclosure stand vacant, according to RealtyTrac.

The Latest on the Foreclosure Crisis

The length of the foreclosure process can be a major contributing factor to high vacancy rates in some areas. Home owners are more likely to give up on their homes the longer they wait in foreclosure limbo, says Daren Blomquist, vice president at RealtyTrac. But once home owners move out — before a bank takes possession — the homes then often are left to deteriorate, becoming eyesores in a community.

Crunching data from RealtyTrac, 24/7 Wall St. uncovered the following metros with the highest vacancy rates among homes in foreclosures:

  1. Wichita, Kan.
    Percent of foreclosures vacant: 49%
  2. Portland-Vancouver-Beaverton, Ore.-Wash.
    Percent of foreclosures vacant: 37%
  3. Birmingham-Hoover, Ala.
    Percent of foreclosures vacant:37%
  4. Kansas City, Mo.-Kan.
    Percent of foreclosures vacant:36%
  5. St. Louis, Mo.-Ill.
    Percent of foreclosures vacant: 34%
  6. Worcester, Mass.
    Percent of foreclosures vacant:33%
  7. Syracuse, N.Y.
    Percent of foreclosures vacant: 33%
  8. Las Vegas-Paradise, Nev.
    Percent of foreclosures vacant:32%

Daily Real Estate News | Tuesday, July 15, 2014 –

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