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Vacant Homes in Foreclosure Show Third Straight Quarterly Increase; Yet Zombie Properties Still Represent Just One of Every 13,000 Residential Properties Nationwide; Counts Continue Growing Since Lifting of Foreclosure Moratorium Last Year
IRVINE, Calif., Oct. 27, 2022 /PRNewswire/ — ATTOMa leading curator of real estate data nationwide for land and property data, today released its fourth-quarter 2022 Vacant Property and Zombie Foreclosure Report showing that 1.3 million (1,264,241) residential properties in the United States sit vacant. That figure represents 1.26 percent, or one in 79 homes, across the nation.
The report analyzes publicly recorded real estate data collected by ATTOM — including foreclosure status, equity and owner-occupancy status — matched against monthly updated vacancy data. (See full methodology below). Vacancy data is available for US residential properties at https://www.attomdata.com/solutions/marketing-lists/.
The report also reveals that 284,423 residential properties in the US are in the process of foreclosure in the fourth quarter of this year, up 5.2 percent from the third quarter of 2022 and up 27.4 percent from the fourth quarter of 2021. 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 2020, was lifted at the end of July 2021.
Among those pre-foreclosure properties, 7,722 are zombie foreclosures (pre-foreclosure properties abandoned by owners) in the fourth quarter of 2022, up 0.2 percent from the prior quarter and 3.9 percent from a year ago. The count of zombie properties has grown in each of the last three quarters.
Click here for special Zombie Housing Market Infographic
“The government’s foreclosure moratorium dramatically reduced the number of properties in foreclosure,” said Rick Shargaexecutive vice president of market intelligence at ATTOM. “Vacant and abandoned properties were among the few homes that could still be foreclosed on during the moratorium, so the number of zombie properties shrank as well. Now that the foreclosure ban has been lifted, we ‘re likely to see a gradual return to pre-pandemic levels.”
Despite the increase, the number of zombie-foreclosures remains historically low, representing just a tiny segment of the nation’s total stock of 100.1 million residential properties. Just one of every 12,963 homes in the fourth quarter of 2022 is vacant and in foreclosure, meaning that most neighborhoods still have no such properties. That ratio is almost exactly the same as in the third quarter of this year, although up 2.5 percent from one in 13,292 in the fourth quarter of 2021.
The portion of pre-foreclosure properties that have been abandoned into zombie status, meanwhile, continues to decline, from 3.3 percent a year ago to 2.8 percent in the third quarter of 2022 and …
Full story available on Benzinga.com
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