Zombie seizures to increase by 3% from Q1 to Q2 of 2022 As foreclosure activity increased by 13%. Rise in vacant properties facing foreclosure hits first gain in a year. Zombie listings are still just 1 of 13,200 residential listings in the U.S. and are trending downward each year
irvine, california, June 2, 2022 /PRNewswire/ — ATTOM, the leading curator of real estate data for national land and property data, today released its Q2 2022 Vacant Homes and Zombie Foreclosures Report, showing that 1.3 million (1,304,007) residential properties usa sit vacant This equates to 1.3% of the nation, or 1 of her households in her 76 households.
This report analyzes publicly recorded real estate data collected by ATTOM, including foreclosure status, stock and owner occupancy status, and matches it with monthly updated vacancy data. (See full methodology below). Availability data for US residential properties is available at https://www.attomdata.com/solutions/marketing-lists/.
The report also reveals that 259,166 residential properties in the US were in the process of foreclosure in the second quarter of this year. This is a 12.7% increase from Q1 2022 and a 15.9% increase from Q2 2021. Since the nationwide moratorium on foreclosures imposed early in the coronavirus pandemic was lifted at the end of 2019, the number of pre-foreclosure properties has increased by a quarter in a row. July 2021.
Of these pre-foreclosure properties, 7,569 were vacant in the second quarter of 2022, representing a 2.8% quarter-on-quarter increase in the number of zombie foreclosure properties.
“Zombie foreclosure rates tend to be higher when the foreclosure process lasts for months and sometimes years,” he said. Rick Sharga, ATTOM’s Executive Vice President of Market Intelligence. “We are now seeing properties where borrowers had already defaulted before the government moratorium re-entered the foreclosure process, and no doubt some of these homes have been vacant in the last 26 months. I guess.”
The number of zombie foreclosures remains down 6.3% from a year ago and continues to represent a tiny fraction of the total residential property stock of 99.7 million. Only one of his 13,171 homes is vacant and foreclosed in the second quarter of 2022. That is, most areas have nothing. The percentage of pre-foreclosure properties that are abandoned and zombies also continues to decline, from 3.6% a year ago to 3.2% in the first quarter of 2022 and 2.9% in the second quarter of this year. doing.
However, this is the first recent increase in zombie properties since the moratorium ended. The percentage of all residential properties that are vacant in the process of foreclosure increased from 1 in 13,424 in the first quarter of this year to 1.9% in the second quarter.
The upward trend in foreclosures in the second quarter, both overall and in zombie listings, is an indicator that while the decade-long boom in the U.S. housing market remains strong, it is also facing a potential slowdown this year. Added to the list.
Median single-family home prices have jumped 17% over the past year, and the typical home seller’s profit remains at a historic high of nearly 50%. Homeowner equity continues to rise, greatly limiting the likelihood of homeowners facing foreclosure simply leaving their homes.
“According to our equity report, nearly 90% of foreclosed homeowners have positive equity,” Sharga added. “Having equity gives financially distressed homeowners a relatively soft-landing opportunity to sell their homes at a profit, rather than losing everything to a foreclosure. That factor alone should not lead to too many zombie foreclosures.”
Nationwide median home prices rose just 3% from the third quarter of last year to the first quarter of this year, and home sellers’ profits fell in 2022. This is the lowest score since 2008. Beyond that, an estimated 1.5 to 2 million homeowners are behind on their mortgages after the pandemic wiped out millions of jobs before the economy recovered last year.
Zombie seizures are increasing quarter by quarter, but declining year after year
A total of 7,569 residential properties facing potential foreclosure were evicted by owners in Q2 2022. This is up slightly from 7,363 in Q1 2022, but still down from 8,078 in Q2 2021.
States with at least 50 zombie seizures will see the biggest increases from Q1 2022 to Q2 2022, while numbers remain very low. Michigan(74% increase in zombie properties from 54 to 94), Arizona (56% increase from 32 to 50), Georgia (29% increase from 62 to 80), Nevada (26% increase from 68 to 86) and Iowa (17% increase from 132 to 155).
Largest quarterly decline among states with at least 50 zombie seizures Massachusetts (Zombie properties decreased by 13% from 62 to 54), Missouri (13% decrease from 63 to 55), new jersey (7% decrease from 275 to 257), new mexico (down 3% from 78 to 76) and New York (2% decrease from 2,074 to 2,041).
Overall vacancy rates are declining year by year in most regions of the country
The vacancy rate for all U.S. residential properties fell to 1.31% (1 in 76 properties) in Q2 2022. This is down from 1.37% (73rds) in the first quarter of 2022 and 1.42% (70ths) in the second quarter of last year.
The states with the largest annual declines are: Tennessee (down from 2.42% of all homes in Q2 2021 to 1.55% in Q2 this year), Oregon (down from 1.84 percent to 1.01 percent), Maryland (down from 1.67% to 1.05%), Wisconsin (down from 1.36% to 0.76%) and Minnesota (down from 1.54% to 0.95%).
Other high-level findings for Q2 2022:
- Among the U.S. metropolitan statistical areas with at least 100,000 residential properties and at least 100 properties facing potential foreclosure in the second quarter of 2022, the areas with the highest zombie rates are: Peoria, Illinois (11.3% of properties under foreclosure are vacant); Wichita, Kansas (11.2%); Cleveland, Ohio (9.5%); Syracuse, New York (8.9%) and South Bend, Indiana (8.6 percent).
- Besides clevelandwith at least 500,000 residential properties and at least 100 homes facing foreclosure in the second quarter of 2022, the highest zombie foreclosure rate in any major metropolitan area Baltimore, Maryland (8.3% of homes in foreclosure are vacant); Portland, Oregon (6.5%); Indianapolis, Indiana (5.9%) and Pittsburgh, Pennsylvania (5.9 percent).
- Among the 164 metropolitan areas analyzed for this report, the regions that will have the largest percentage of all residential listings with zombie homes in the second quarter of 2022 are: Cleveland, Ohio (1 in 1,426 homes are vacant and facing foreclosure). Peoria, Illinois (1 in 1,565); Albany, New York (1 in 1,725); Syracuse, New York (1 in 2,195) and Rochester, New York (1 in 2,964).
- Of the 27.9 million investor-owned homes nationwide in Q2 2022, about 905,000 will be vacant, or 3.2%.The highest level of vacant homes owned by an investor is Indiana (6.9%), Kansas (5.8%), Oklahoma (5.3%), Alabama (5.1%) and Ohio (5 percent).
- Of the approximately 3,300 U.S. bank-owned homes foreclosed in Q2 2022, 10.8% are vacant. The state with more than 50 bank-owned homes has the highest vacancy rate. pennsylvania (19.9% vacancy rate), Indiana (17.2%), texas (16.4%), Ohio (16%) and Illinois (15.9%).
- Here are the highest zombie foreclosure rates in US counties with more than 500 properties in foreclosure proceedings in the second quarter of 2022: Broome County (Binghamton), NY (11.8% of pre-foreclosure homes were vacant); Cuyahoga County (cleveland), OH (10.8%); Onondaga County (Syracuse), New York (9.4%). Pinellas County (Shimizu), Florida (9.3 percent).When Oneida County, New York (outside Syracuse) (8.3%).
- Among the counties with more than 500 foreclosed properties in the second quarter of 2022, the following have the lowest zombie rates: Contra Costa County, California (outside Auckland) (pre-foreclosure home is not empty); Hudson County, New Jersey (outside new york, new york) (0.3%); Atlantic County (Atlantic City), New Jersey (0.4 percent). Mecklenburg County (Charlotte), NC (0.5 percent) and Sacramento County, California (0.6%).
- Among the 424 counties with more than 50,000 residential properties, the counties with the highest percentage of zombie home foreclosure statuses in the second quarter of 2022 are: Broome County (Binghamton), New York (1 in every 648 properties); Cuyahoga County (cleveland), OH (1 in 933); Peoria County, Illinois (1 in 1,144); Suffolk County (eastern long island), New York (1 in 1,165), Oneida County, New York (outside Syracuse) (1 in 1,437).
ATTOM analyzed county tax assessor data on approximately 99 million vacant homes, categorized by foreclosure status and owner occupancy status. Only metropolitan areas with at least 100,000 residential properties and counties with at least 50,000 residential properties were included in the analysis. Availability data is available at https://www.attomdata.com/solutions/marketing-lists/.
ATTOM provides premium real estate data to power products that improve transparency, innovation, efficiency and disruption in the data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural disaster and neighborhood data for over 155 million U.S. residential and commercial properties covering 99% of the U.S. population. I’m here. A rigorous data management process involving more than 20 steps validates, standardizes and enriches the property data collected by ATTOM and assigns a permanent and unique ID (ATTOM ID) to each property record. The 20 TB ATTOM data warehouse serves many industries including mortgages, real estate, insurance, marketing, and government through flexible data delivery solutions including bulk file licensing, real estate data APIs, real estate market trends, real estate reports, and more. Promote innovation. It also introduces ATTOM Cloud, the latest innovative solution that provides instant access and streamlines data management.
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