Zombie Properties Down in Q1 as Foreclosure Activity Rises
According to the ATTOM Data’s Q1 2022 Vacant Property and Zombie Foreclosure Report, there were 1.4 million (1,354,579) residential properties in the United States sitting vacant, representing 1.4%, or one in 73 homes, across the nation. In addition, they report that there were 229,864 residential properties in the U.S. are in the process of foreclosure in Q1, up 3% from Q4, 2021 and up 31% from Q1, 2021. Zombie foreclosures represented a minuscule portion of the nation’s total stock of 98.8 million residential properties with just one of every 13,424 homes in Q1, 2022 being vacant and in foreclosure.
“Even with foreclosure activity rising, it doesn’t seem likely that we’ll see a significant increase in the number of zombie properties…Zombie status is most likely during a long, protracted foreclosure process, but with $ 23 trillion in homeowner equity, and demand outstripping supply, most distressed borrowers should be able to sell their home at a profit before the process drags on.” Ssid Rick Sharga, executive vice president of RealtyTrac, an ATTOM company.
Click here to read the full report at ATTOM.
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