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RealtyTrac: 302,000 zombie foreclosures haunt the US

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The 'zombie foreclosure phenomenon' continues to capture headlines.

This time it's the Chicago Tribune reporting that 300,000 zombie foreclosures are haunting U.S. neighborhoods based on RealtyTrac statistics.

A zombie foreclosure situation occurs when a borrower leaves a distressed property, believing the bank has foreclosed. Instead, the foreclosure is never finalized, and the borrower later discovers they're on the hook for property taxes and other expenses.

Source: Chicago Tribune
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