The foreclosure doomsday predictions are here. And the zombies are out in broad daylight. But there’s good news everyone!
According to Attom Data Solutions, “Zombie properties” (a.k.a. vacant, empty homes) are not very common in the U.S. which means people don’t need to worry too much about lots of homes being taken back by banks after the special rules from the pandemic ended. Let’s read some cold hard dead facts:
Stable Vacancy and Foreclosure Rates: About 1.29 million U.S. residential properties, or 1.3% of existing stock, are vacant in Q2 2024, a stable rate from Q1. There are 237,000 properties in foreclosure, down 2.3% quarterly and 23.9% yearly, with 6,945 being “zombie foreclosures.”
Low Zombie Foreclosure Numbers: Zombie foreclosures have decreased by 5.4% quarterly and 20.6% yearly, now representing one in every 14,724 homes, the lowest level since early 2021.
Foreclosure Crisis Predictions Unmet: Predictions of a foreclosure crisis post-pandemic moratorium have not materialized. Foreclosures remain low, with CoreLogic data showing a stable 0.3% foreclosure impact on U.S. mortgages and a 2.8% national delinquency rate.
State and Metro Vacancy Rates: The highest state vacancy rates in Q2 2024 were in Oklahoma (2.27%), Kansas (2.18%), Missouri (2.06%), Alabama (2.04%), and Michigan (2.02%). The lowest were in New Hampshire (0.36%), New Jersey (0.41%), Vermont (0.44%), Idaho (0.47%), and California (0.64%). Peoria, Illinois, had the highest metro zombie foreclosure rate at 18.6%, with St. Louis leading large metros at 7.8%.
Read more about zombie properties here!
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