Lenders’ latest foreclosure strategy: waiting

Lenders’ latest foreclosure strategy: waiting

Across Florida, tens of thousands of foreclosed homes are being left in limbo, between homeowners who have abandoned them and banks that have not yet taken possession of them.

Over the past year, banks and other lenders have canceled up to 50 percent of foreclosure sales in some parts of the state, adding to a growing stockpile of unclaimed homes.

Experts fear the trend could slow the recovery of the housing market and pile more problems upon condo and homeowners associations that depend upon fees to keep up common areas and other facilities.

“It’s another facet continuing the downward pricing pressures on the housing market,” said Jack McCabe, a Deerfield Beach-based real estate consultant who was one of the first to predict the housing downturn.