While there are a variety of options for homeowners in foreclosure, many owners have chosen to cut their losses and abandon their property. The housing market has been improving across much of the nation. However, some cities still have a long recovery process ahead of them as the market deals with a glut of homes in foreclosure, which can often stay in the system for several years. Meanwhile, many of these remain vacant.
In Wichita, Kansas, nearly half of homes in foreclosure were abandoned as of the first quarter of 2014. In six of the nation’s most populous metro areas, at least a third of homes in foreclosure were vacant.
24/7 Wall St. reviewed the 10 metropolitan statistical areas with the highest vacancy rates among homes in foreclosure, based on data provided by RealtyTrac for the 100 most populous metropolitan statistical areas. RealtyTrac also provided metro-level median home prices, population, and foreclosure rates, all of which are for the most recent available period. 24/7 Wall St. calculated 12 month average home prices and year-over-year percent change from May of each year. RealtyTrac also provided the average length of foreclosure processes in each state, as of the first quarter of 2014. We also reviewed income data from the Census Bureau’s 2012 American Community Survey, and unemployment rates from the Bureau of Labor Statistics.
These are the cities where residents are abandoning their homes.
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