ATTOM Data Solutions’ Vacant Property and Zombie Foreclosure Report found that 1.4 million residential properties in the U.S. are vacant this quarter—this is about 1.4% of all homes.
Overall, 223,671 homes are in the process of foreclosure—up 27.5% from Q1 2021 but down 13.3% YoY. Pre-foreclosure homes, however, are up both quarterly (by 21%) and annually (by 5.6%).
Properties vacated by owners facing foreclosure rose since the first and second quarter of last year, now totaling 8,708. New York has the highest number of zombie properties for the second quarter (2,052), followed by Ohio (1,033), Florida (1,021), Illinois (897) and Pennsylvania (401).
“The latest numbers show a spike in zombie properties during the second quarter that stands out compared to recent times, especially given the moratorium. It may simply be due to lenders foreclosing on homes that were already abandoned. We are watching that closely to see what it means and whether it’s the start of new trend,” said Todd Teta, chief product officer with ATTOM Data Solutions. “But even with the increase, zombie foreclosures are still just a dot on the housing market radar screen, which is more testimony to how strong the housing market remains.”
“You can still walk around most neighborhoods around the country and literally not find a single empty house going through the takeover process, and that remains very good news for current homeowners, as well as potential homeowners,” added Teta.
Source: ATTOM Data Solutions