Zombie Property Count Inch Up

ATTOM Data’s Vacant Property and Zombie Foreclosure showed that there were 1,277,162 vacant homes nationwide in the third quarter of 2022, so the previously existing “zombie properties” now account for just 1 in 78. occupies. This number represents 1.3% of the total. number of houses.

Additionally, the report found that there were 270,470 residential properties in the country at one point in the foreclosure process in the third quarter, up 4.4% from the second quarter and up 25.5% year-on-year. .

The latest increase is the number of pre-foreclosure properties since the nationwide moratorium on lenders chasing delinquent homeowners imposed after the 2020 coronavirus pandemic was lifted at the end of July 2021. This represents the fourth consecutive quarter of increase.

Of these pre-foreclosure properties, there were 7,707 zombie foreclosures (vacant properties before foreclosures) in Q3 2022, up 1.8% from the previous quarter and 2.2% from a year ago.

“We can see two trends going in opposite directions: the number of vacant properties continues to decline and the number of zombie properties continues to rise, but neither trend seems particularly worrisome. not.” Rick Sharga, ATTOM’s Executive Vice President of Market Intelligence. “Vacancy rates should continue to be low as investors and prospective homebuyers compete for limited inventory. should continue to increase slowly.”

The level of total homes vacant as zombie properties has increased for the second straight quarter, up 3.6% from 1 in 13,424 recorded in the first quarter of 2022.

While the latest surge in total and zombie listings presents a noteworthy problem, it continues for the 11th year, even as the U.S. housing market’s relentless boom threatens to slow it down. The time has come.

Other high-level findings for Q3 2022:

  • Among the major U.S. metropolitan areas with at least 100,000 residential properties and at least 100 properties at risk of foreclosure in the third quarter of 2022, Wichita, Kansas has the highest zombie rate (foreclosure process in progress). 11.9% of properties are vacant). Peoria, Illinois (10.5%); Cleveland, Ohio (8.9%); Syracuse, NY (8.7%) and South Bend, Indiana (8.2%).
  • With at least 500,000 residential properties and at least 100 homes facing foreclosure in the third quarter of 2022 outside of Cleveland, Baltimore, Maryland has the highest rate of zombie foreclosures among major metropolitan areas. (7.4% of homes in foreclosure are vacant). St. Louis, Missouri (5.6%); Pittsburgh, Pennsylvania (5.6%); Tampa, Florida (4.7%) and Indianapolis, Indiana (4.6%).
  • Of the approximately 4,200 U.S. bank-owned homes foreclosed in Q3 2022, 8.2% are vacant. States with 50 or more bank-owned homes have the highest vacancy rates in Ohio (14.5%), Pennsylvania (13%), Illinois (12.5%), New York (11%), and Maryland (10.5%) is.
  • Bloom County (Binghamton), New York, had the highest zombie foreclosure rate among U.S. counties with more than 500 properties in foreclosure proceedings in the third quarter of 2022 (11.4% zombie foreclosure rate). Cuyahoga County, Cleveland, Ohio (10.1%); Pinellas County, FL (Clearwater) (9.9%); Onondaga County, NY (Syracuse) (9.3%) and Oneida County, NY (suburb of Syracuse) (8.5%) .
  • Of the 425 counties with at least 50,000 residential properties, the highest percentage of homes in zombie foreclosure in the third quarter of 2022 will be in Bloom County, New York (Binghamton) (1 in 647 properties). ) is. Cuyahoga County, Cleveland, Ohio (1 in 959); Suffolk County, New York (East Long Island) (1 in 1,188); Peoria County, Illinois (1 in 1,228) and Oneida County, New York (suburb of Syracuse) ) (1 in 1,437).

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