Chances are, there are real vampires in your neighborhood right now, and no silver bullet can stop them.
Vampire foreclosures are a real phenomenon that is sweeping the nation. The term was coined by housing statistics provider RealtyTrac to describe homes that are being lived in by the original homeowners, but have been seized by a bank. According to RealtyTrac, 250,000, or nearly half of all bank-owned homes fall within this category, and this number won't be falling anytime soon, although these homes will eventually have to hit the market.
Zombies and Vampires Are Everywhere
If you're familiar with housing lingo, you may be wondering if these vampire foreclosures are the same thing as "zombie" foreclosures. They aren't. Zombie foreclosures are foreclosures in which the homeowner abandons the home after a foreclosure sale date has been set, only to find out that the house never was sold or the title was never transferred over. This means that fees such as homeowners association fees, maintenance fees, and property taxes are still piling up on the property, which eventually wrecks the original homeowners' credit. There are tons of zombie foreclosures too: all in all, vampire and zombie foreclosures make up about 67 percent of all foreclosures.