Report: ‘Zombie homes’ — vacant properties awaiting foreclosure — slightly rise across the U.S. – The Washington Post

Report: ‘Zombie homes’ — vacant properties awaiting foreclosure — slightly rise across the U.S. No trespassing posters are displayed in the window of a foreclosed townhouse that has been empty for 11 years in District Heights, Md. (Michael Robinson Chavez/The Washington Post) By Michele Lerner  April 2, 2020 at 2:30 a.m. PDT The foreclosure crisis of the past decade has disappeared for now — the main problem most housing markets across the United States are experiencing now is lack of homes for sale. Yet more than 1.52 million single-family houses and condos across the country sit vacant, according to a recent report from ATTOM Data Solutions, an Irvine, Calif.-based property data provider. Approximately 1.5 percent of all residences are currently vacant. The Q1 2020 Vacant Property and Zombie Foreclosure Report shows that only about 282,800 homes are in the process of foreclosure, which is a decline of 1.9 percent compared to the fourth quarter of 2019. On the other hand, “zombie” foreclosures, which refer to homes that are sitting empty while the foreclosure process continues, rose by 3.1 percent to about 8,700 homes. AD Study: High child-care costs are a hurdle for first-time home buyers In many housing markets there are no zombie foreclosures at all, according to ATTOM. The states with the highest zombie foreclosure rates with 500 or more properties in foreclosure and 100 or more zombie foreclosures included Ohio (6.8 percent of all foreclosures were empty), Indiana (5.1 percent), Illinois (4.7 percent), Oklahoma (4.5 percent) and Maryland (4.3 percent). Real estate investors searching for a bargain sometimes look for an unoccupied house undergoing foreclosure, but zombie foreclosures represent less than 1 percent of property vacancies nationwide. Most vacancies are investor-owned properties that lack a tenant. The states with the highest levels of empty homes are Tennessee (2.6 percent of all homes are vacant), Kansas (2.6 percent), Mississippi (2.5 percent), Oklahoma (2.5 percent) and Indiana (2.5 percent). AD States with the lowest overall vacancy rates are New Hampshire (0.4 percent), Vermont (0.4 percent), Delaware (0.5 percent), Idaho (0.6 percent) and North Dakota (0.7 percent). For the full report, click here.

Leave a Reply

Your email address will not be published. Required fields are marked *