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Despite Q3 Decline, Zombie Foreclosure Problem Lingers In Many Areas

On October 31, DS News released an article discussing “zombie foreclosures” and their continued presence in areas around the country.

Despite Q3 Decline, Zombie Foreclosure Problem Lingers In Many Areas

While zombie foreclosures in the U.S. declined overall in the third quarter, they continue to be a problem in some areas, according to RealtyTrac’s Q3 2014 Zombie Foreclosure Report released earlier this week.

RealtyTrac reported that the number of zombie foreclosures, which are vacated homes for which the foreclosure process has begun but has not been completed, increased year-over-year in 60 out of 212 (28 percent) metropolitan areas with a population of more than 200,000 and in 16 states (32 percent) in Q3, going against the overall national trend of decline.

The five states with the largest year-over-year increase in owner-vacated foreclosures in Q3 were New Jersey (75 percent), North Carolina (65 pecent), Oklahoma (37 percent), New York (30 percent), and Alabama (29 percent), according to RealtyTrac.  The five metro areas with the largest increase in zombie foreclosures from Q3 2013 to Q3 2014 were Trenton, New Jersey (106 percent), Rochester, New York (49 percent), Washington, D.C. (40 percent), New York (38 percent), and Philadelphia (21 percent).

Florida had the most zombie foreclosures of any state by far with 35,913, accounting for 31 percent of all zombie foreclosures in the nation, according to RealtyTrac.  The second highest total of zombie foreclosures was in New York, with 12,683.  New Jersey was a close third with 12,133, followed by Illinois (8,678) and Ohio (4,981).  These five states accounted for 63 percent of the 117,298 zombie foreclosures in the U.S. in Q3.

While Florida had the highest number of zombie foreclosures in any state, the New York metro area (which includes Northern New Jersey and part of Pennsylvania) had the highest total of any metro with 13,366 in Q3, accounting for 12 percent of all the owner-vacated foreclosures during the quarter.  Miami was second with 9,869, followed by Tampa (7,509), Chicago (7,326), and Philadelphia (5,405), according to RealtyTrac.

Zombie foreclosures made up 18 percent of all foreclosures in the U.S. in Q3, and RealtyTrac reported that 33 states, or 66 percent, had a higher zombie foreclosure rate than the national average of 18 percent during the quarter.  The top states were Oregon (36 percent), Nevada (32 percent), Kansas (31 percent), and Maine (28 percent).

RealtyTrac reported that 117 out of 212 metro areas with a population of more than 200,000 had a higher zombie foreclosure rate than the 18 percent nation average.  The leading metro areas were Las Vegas (33 percent), Tampa (28 percent), Palm-Bay-Melbourne-Titusville, Florida (28 percent), Rochester, New York (27 percent), land Lakeland, Florida (27 percent).

Please click here to view the article online.

About Safeguard 
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally.
Website: www.safeguardproperties.com.

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CEO

Alan Jaffa

Alan Jaffa is the Chief Executive Officer for Safeguard Properties, steering the company as the mortgage field services industry leader. He also serves on the board of advisors for SCG Partners, a middle-market private equity fund focused on diversifying and expanding Safeguard Properties’ business model into complimentary markets.

Alan joined Safeguard in 1995, learning the business from the ground up. He was promoted to Chief Operating Officer in 2002, and was named CEO in May 2010. His hands-on experience has given him unique insights as a leader to innovate, improve and strengthen Safeguard’s processes to assure that the company adheres to the highest standards of quality and customer service.

Under Alan’s leadership, Safeguard has grown significantly with strategies that have included new and expanded services, technology investments that deliver higher quality and greater efficiency to clients, and strategic acquisitions. He takes a team approach to process improvement, involving staff at all levels of the organization to address issues, brainstorm solutions, and identify new and better ways to serve clients.

In 2008, Alan was recognized by Crain’s Cleveland Business in its annual “40-Under-40” profile of young leaders. He also was named a NEO Ernst & Young Entrepreneur Of The Year® Award finalist in 2013.

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Esq., General Counsel and EVP

Linda Erkkila

Linda Erkkila is the General Counsel and Executive Vice President for Safeguard Properties, with oversight of legal, human resources, training, and compliance. Linda’s broad scope of oversight covers regulatory issues that impact Safeguard’s operations, risk mitigation, strategic planning, human resources and training initiatives, compliance, insurance, litigation and claims management, and counsel related to mergers, acquisition and joint ventures.

Linda assures that Safeguard’s strategic initiatives align with its resources, leverage opportunities across the company, and contemplate compliance mandates. She has practiced law for 25 years and her experience, both as outside and in-house counsel, covers a wide range of corporate matters, including regulatory disclosure, corporate governance compliance, risk assessment, compensation and benefits, litigation management, and mergers and acquisitions.

Linda earned her JD at Cleveland-Marshall College of Law. She holds a degree in economics from Miami University and an MBA. Linda was previously named as both a “Woman of Influence” by HousingWire and as a “Leading Lady” by MReport.

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COO

Michael Greenbaum

Michael Greenbaum is the Chief Operating Officer of Safeguard Properties, where he has played a pivotal role since joining the company in July 2010. Initially brought on as Vice President of REO, Mike’s exceptional leadership and strategic vision quickly propelled him to Vice President of Operations in 2013, and ultimately to COO in 2015. Over his 14-year tenure at Safeguard, Mike has been instrumental in driving change and fostering innovation within the Property Preservation sector, consistently delivering excellence and becoming a trusted partner to clients and investors.

A distinguished graduate of the United States Military Academy at West Point, Mike earned a degree in Quantitative Economics. Following his graduation, he served in the U.S. Army’s Ordnance Branch, where he specialized in supply chain management. Before his tenure at Safeguard, Mike honed his expertise by managing global supply chains for 13 years, leveraging his military and civilian experience to lead with precision and efficacy.

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CFO

Joe Iafigliola

Joe Iafigliola is the Chief Financial Officer for Safeguard Properties. Joe is responsible for the Control, Quality Assurance, Business Development, Marketing, Accounting, and Information Security departments. At the core of his responsibilities is the drive to ensure that Safeguard’s focus remains rooted in Customer Service = Resolution. Through his executive leadership role, he actively supports SGPNOW.com, an on-demand service geared towards real estate and property management professionals as well as individual home owners in need of inspection and property preservation services. Joe is also an integral force behind Compliance Connections, a branch of Safeguard Properties that allows code enforcement professionals to report violations at properties that can then be addressed by the Safeguard vendor network. Compliance Connections also researches and shares vacant property ordinance information with Safeguard clients.

Joe has an MBA from The Weatherhead School of Management at Case Western Reserve University, is a Certified Management Accountant (CMA), and holds a bachelor’s degree from The Ohio State University’s Honors Accounting program.

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Business Development

Carrie Tackett

Business Development Safeguard Properties