A brand new report indicated that 1.6 p.c of all houses within the U.S. are vacant, numbering 1,570,265 residential properties, with 7,960 or three.7% of these vacant properties within the technique of foreclosures, in any other case often called “zombie foreclosures.”
That’s in accordance with ATTOM Information Options’ newly launched Q3 2020 Vacant Property and Zombie Foreclosure Report.
The Firm’s most up-to-date vacant properties analysis confirmed that whereas the variety of properties within the technique of foreclosures (215,886) in Q3 2020 is down 16% from Q2 2020 (258,024), the proportion of these properties which were deserted as zombie foreclosures is up from three% in Q2 2020.
The report urged that regardless of the rise, “because the federal authorities makes an attempt to protect the housing market from an financial slide stemming from the Coronavirus pandemic, the 7,961 zombie foreclosures properties proceed to symbolize a really small portion – only one in each 12,500 houses – of the nation’s 99.four million residential properties.”
In accordance with ATTOM’s Q3 2020 vacant property and zombie foreclosures report, states the place zombie-foreclosure charges exceed the nationwide proportion are clustered within the Midwest and South. These states embrace Kansas (15%, or one in seven, properties within the foreclosures course of), Missouri (11.2%, or one in 9), Georgia (11%, or one in 9), Kentucky (10.7%, or one in 9) and Tennessee (10.three%, or one in 10).
The evaluation additionally stories that states the place the charges fall under the nationwide stage are primarily within the Northeast and West. These states embrace Utah (1.1%, or one in 87 properties within the foreclosures course of), Idaho (1.2%, or one in 84), New Jersey (1.6%, or one in 62), Colorado (1.eight%, or one in 56) and California (2%, or one in 50).
Amongst 158 metro areas analyzed with at the least 100,000 residential properties in Q3 2020, the best zombie-foreclosure charges are in Peoria, IL (16.four% of properties within the foreclosures course of); Wichita, KS (15.three%); Kansas Metropolis, MO (13.four%); Omaha, NE (12.7%) and Cleveland, OH (12.6%).
Extra-detailed ratio-of-”zombie-foreclosures” data is included on the ATTOM website.
Normally, the latest ATTOM article deep dives into the corporate’s knowledge to uncover the highest 10 “zombie-fied” ZIP codes, which embrace:
These zips embrace 44108 in Cleveland, OH (44.1%, 63 zombies); 44112 in Cleveland, OH (34.eight%, 47 zombies); 44105 in Cleveland, OH (27.6%, 48 zombies); 61604 in Peoria, IL (25.7%, 29 zombies); 13601 in Watertown, NY (20.eight%, 27 zombies); 44128 in Cleveland, OH (18.zero%, 23 zombies); 44120 – Cleveland, OH (17.6%, 23 zombies); 12078 in Gloversville, NY (17.four%, 19 zombies); 60419 in Dolton, IL (16.5%, 17 zombies); and 14701 in Jamestown, NY (15.7%, 24 zombies).
The report’s methodology is as follows: “ATTOM Information Options analyzed county tax assessor knowledge for greater than 98 million single-family houses and condos for emptiness, damaged down by foreclosures standing and, owner-occupancy standing. Solely metropolitan statistical areas with at the least 100,000 residential properties and counties with at the least 50,000 residential properties have been included within the evaluation.”