Foreclosure Vacant Homes Show Third Quarterly Rise; Yet zombie real estate still represents only one in 13,000 residential properties across the country; The numbers have continued to rise since the moratorium on foreclosures was lifted last year
IRVINE, California., October 27, 2022 /PRNewswire/ — ATTOMa leading curator of real estate data nationwide for land and real estate data today released its Vacant Property and Zombie Foreclosure Report for the fourth quarter of 2022, showing 1.3 million (1,264,241) residential properties in The United States sit freely. That number equates to 1.26 percent, or one in 79 households nationwide.
The report analyzes publicly recorded real estate data collected by ATTOM – including foreclosure status, equity and ownership status – and matches it to 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 shows that as of the fourth quarter of this year, 284,423 US residential properties are in the process of foreclosure, up 5.2 percent from the third quarter of 2022 and 27.4 percent from the fourth quarter of 2021. A growing number of homeowners are facing possible foreclosure since a nationwide moratorium on lenders pursuing defaulting homeowners imposed after the outbreak of the 2020 coronavirus pandemic was lifted in late 2020 July 2021.
Among those pre-foreclosure properties were 7,722 zombie foreclosures (properties abandoned by owners prior to foreclosure) in the fourth quarter of 2022, up 0.2 percent sequentially and 3.9 percent year-on-year. Zombie properties have grown in each of the last three quarters.
Click here for a dedicated zombie real estate market infographic
“The government’s foreclosure moratorium has drastically reduced the number of properties in foreclosure,” he said Rick Sharga, Executive Vice President of Market Intelligence at ATTOM. “Vacant and abandoned properties were among…
