With Update 11, if you own a home that has been locked for more than 180 days you will be issued a final foreclosure warning. At that point you’ll have 60 days to get your finances in order and pay down the upkeep or your home will be foreclosed and put back on the market. All your items that were stored in the house will be put into escrow. These items in escrow will stay there indefinitely but you will need to clear out your escrow before you are allowed to buy a new home.
Sapience mentioned in the forums that this will take effect starting on July 26th.
Any houses that qualified for the 180-day or greater lock out and were not unlocked by the owner will be foreclosed and put back on the market. I suspect that a lot of foreclosed houses will appear on and around July 26th for the really old lot of players who haven’t played for a long while. Now might be a good time to go scout some good locations or think about moving into the same neighborhood as your friend or kinship.
It is important to note that not every abandoned house will be up for sale right away. Locked houses get a final foreclosure warning and 60 days to unlock the home. I think it’s important to keep in mind in case that prime real estate you hoped for doesn’t open up right away. The owner still gets a chance to keep the house before its once again available.