The Gothic economy continues, as Seattle deems its housing sector to be thoroughly monstrous.
RealtyTrac has identified two monsters threatening the housing recovery: Vampire REOs and Zombie Foreclosures.
How does this work?
Vampire REOs... 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...
And the undead?
Zombie foreclosures... 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.