Zombie Foreclosures Keep Increasing but Remain a Tiny Presence Around Most of U.S.
Industry Update
May 24, 2023
Source: attomdata.com
ATTOM, a leading curator of land, property, and real estate data, today released its second-quarter 2023 Vacant Property and Zombie Foreclosure Report showing that 1.3 million (1,285,633) residential properties in the United States are vacant. That figure represents 1.3 percent, or one in 79 homes, across the nation.
The report analyzes publicly recorded real estate data collected by ATTOM — including foreclosure, equity, and owner-occupancy status — matched against monthly updated vacancy data. (See full methodology below). Vacancy data is available for U.S. residential properties at Marketing Lists – Property & Homeowners Lists | ATTOM (attomdata.com).
The report also reveals that 311,508 residential properties in the U.S. are in the process of foreclosure in the second quarter of this year, up 4.3 percent from the first quarter of 2023 and up 20.2 percent from the second quarter of 2022. A growing number of homeowners have faced possible foreclosure since a nationwide moratorium on lenders pursuing delinquent homeowners, imposed after the Coronavirus pandemic hit in early 2020, was lifted in the middle of 2021.
Among those pre-foreclosure properties, 8,752 sit vacant as zombie foreclosures (pre-foreclosure properties abandoned by owners) in the second quarter of 2023. That figure is up 7.5 percent from the prior quarter and up 15.6 percent from a year ago. The count of zombie properties has grown in each of the last five quarters, dating back to early in 2022.
Still, the number of zombie foreclosures remains historically low, with little impact on the nation’s total stock of 101.3 million residential properties.
For full report, please click the source link above.
