Foreclosure activity increased +12.7% q/q during Q2 2022 as zombie vacant properties increased +3% q/q.
Zombie Foreclosures Represent Tiny Segment of Total Residential Stock in US
According to ATTOM’s Q2 2022 Vacant Property and Zombie Foreclosure Report, 1.3M residential properties in the US sit vacant. These 1.3M vacant properties represent 1.3%, or one in 76 homes, across the country.
ATTOM’s report also indicated that 259,166 residential properties are in the process of foreclosure. This property count represents a quarterly increase of +12.7%. Among properties in pre-foreclosure, 7,569 sit vacant and represent a quarterly increase of +2.8%.
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“The incidence of zombie-foreclosures tends to be higher in cases where the foreclosure process has dragged on for many months and sometimes even for years,” said Rick Sharga, executive vice president of market intelligence with ATTOM. “We’re now seeing properties where the borrower was already in default prior to the government’s moratorium re-enter the foreclosure process, and undoubtedly some of these homes will have been vacated over the past 26 months.”
Q2 Upward Foreclosure Trends Indicate Possible Market Slowdown
While both pre-foreclosure and zombie foreclosure properties still represent a tiny sliver of the housing market, both data points suggest a softening in the overall housing market.
The good news is that the housing market remains strong and that, according to ATTOM’s equity report, “almost 90% of homeowners in foreclosure have positive equity.”
Sharga said, “Having equity gives financially-stressed homeowners an opportunity for a relatively soft landing – selling their home at a profit rather than losing everything to a foreclosure. That factor alone should keep the number of zombie-foreclosures from rising too much.”
States with Biggest Increases in Zombie Foreclosures from Q1 2022 to Q2 2022
- Michigan – zombie properties up +74% from 54 to 94
- Arizona – +56% from 32 to 50 properties
- Georgia – +29% from 62 to 80
- Nevada – +26% from 68 to 86
- Iowa – +17% from 132 properties to 155 properties
States with Biggest Quarterly Decreases in Zombie Properties
- Massachusetts – -13% from 62 to 54 zombie properties
- Missouri – -13% from 63 to 55
- New Jersey – -7% from 275 to 257 zombie properties
- New Mexico – -3% from 78 to 76
- New York – -2% from 2,074 to 2,041 zombie properties
Metros with Highest Zombie Rates
- Peoria IL – 11.3%
- Wichita KS – 11.2%
- Cleveland OH – 9.5%
- Syracuse NY – 8.9%
- Baltimore MD – 8.3%
- South Bend IN – 8.6%
- Portland OR – 6.5%
- Indianapolis IN – 5.9%
- Pittsburgh PA – 5.9%
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Thanks to ATTOM.
