A plaque remaining from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem.

Above, a 1934 plaque from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem. Discarded as trash in 2006.

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Entry from October 03, 2013
Vampire REO

"Monsters of the Housing Market: Vampire REOs and Zombie Foreclosures” by Daren Blomquist appeared on RealtyTrac on October 2, 2013. An REO ("real estate owned") is a property owned by a lender, such as a bank. A “vampire REO” is a property still occupied by the previous homeowner who was foreclosed upon.

RealtyTrac’s term “vampire REO” was printed on many financial blogs, such as Zero Hedge and 4closureFraud.org.


Wikipedia: Real estate owned
Real estate owned or REO is a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction. A foreclosing beneficiary will typically set the opening bid at a foreclosure auction for at least the outstanding loan amount. If there are no bidders that are interested, then the beneficiary will legally repossess the property. This is commonly the case when the amount owed on the home is higher than the current market value of this foreclosure property, such as with a high loan-to-value mortgage following a real estate bubble. As soon as the beneficiary repossesses the property it is listed on their books as REO and categorized as an asset (non-performing asset).

RealtyTrac
MONSTERS OF THE HOUSING MARKET: VAMPIRE REOS AND ZOMBIE FORECLOSURES
October 2, 2013
By Daren Blomquist, RealtyTrac Vice President
RealtyTrac has identified two monsters threatening the housing recovery: Vampire REOs and Zombie Foreclosures.

Vampire REOs like the one pictured to the right in Miami, Fla., are bank-owned homes that are still occupied by the previous homeowner who was foreclosed on. On the surface these properties often will look like normal, non-distressed homes, but beneath the surface they represent a shadow inventory that is becoming more imminent as rising home prices motivate banks to sell off these homes to try to recoup their losses on soured loans.

Zombie foreclosures like the one pictured to the right in Las Vegas, Nev., are homes that are still languishing in the foreclosure process but have been vacated by the homeowner being foreclosed. Often these homes are more obviously distressed, falling into disrepair with no one to perform regular maintenance and upkeep.

Twitter
Julie Schmit
‏@JulieSchmit
New term? “Vampire” REOs from RealtyTrac. 47% of bank owned homes are still occupied by the previous owner.
8:40 AM - 2 Oct 13

Zero Hedge
Meet The Monster Of The Housing Market: Presenting “Vampire REOs” Where Half Of Americans Live Mortgage-Free
Submitted by Tyler Durden on 10/03/2013 09:44 -0400
Over a year ago, in addition to the money-laundering aspect (confirmed previously) and the REO-To-Rent scramble by PE firms and hedge funds (which is now over as PE become active sellers of apartment rental properties), we highlighted the third implicit subsidy to the housing non-recovery: Foreclosure stuffing. We explained this scheme by banks to limit the amount of available for sale inventory as follows: “since the properties not entering the foreclosure pipeline are effectively kept out of inventory, even shadow inventory, and thus the distressed end market, the monthly drop in foreclosures has acted as a form of subsidy to the housing market, as month after month less inventory than otherwise should, enters the market.... What this has resulted in is a logical increase in prices of the properties that are on the market.” Today, the mainstream has finally caught on, and courtesy of RealtyTrac has come up with its own name for this subsidy: Vampire REOs.

In a press release overnight, the foreclosure tracking service RealtyTrac, observed that a stunning 47% of bank-owned homes are still occupied by their previous owners who were foreclosed on, creating “vampire REOs.”

4closureFraud.org
MONSTERS OF THE HOUSING MARKET: VAMPIRE REOS AND ZOMBIE FORECLOSURES
Posted by 4closureFraud on October 3, 2013
In a press release overnight, the foreclosure tracking service RealtyTrac, observed that a stunning 47% of bank-owned homes are still occupied by their previous owners who were foreclosed on, creating “vampire REOs.”

Posted by Barry Popik
New York CityBanking/Finance/Insurance • Thursday, October 03, 2013 • Permalink