Zombie Foreclosures Up +21% in Q2 2021

Key Highlights

• 1.4M or 1.4%, of properties in US vacant or zombie properties in Q2 2021, according to ATTOM Data Solutions
• 223,671 properties in US, according to ATTOM ,in process of foreclosure, an increase of +27.5% in Q2 2021

Increase of +27.5% of Properties in Process of Foreclosure in Q2 2021

According to ATTOM Data Solutions’ Q2 2021 Vacant Property and Zombie Foreclosure Report, 223,671 properties nationwide were in the process of foreclosure during Q2 2021. This is an increase of 27.5% from Q1 but still a significant decline of 13.3% compared to Q2 2020.

Number of Pre-Foreclosure or Zombie Homes Up +21% in Q2 2021 and Annually by +5.6%

ATTOM indicated that, though a miniscule figure, zombie properties increased slightly in Q2 2021.  This increase happened despite the ongoing federally-imposed moratorium on foreclosures on some 70% of home loans in the US.

Todd Teta, chief product officer with ATTOM, said, “The latest numbers show a spike in zombie properties during the second quarter that stands out compared to recent times, especially given the moratorium.  It may simply be due to lenders foreclosing on homes that were already abandoned…but even with the increase, zombie foreclosures are still just a dot on the housing market radar screen, which is more testimony to how strong the housing market remains…”

Highest Numbers of Zombie Foreclosures in Northeastern and Midwestern States

Though 33 states saw increased zombie foreclosure rates in Q2 2021, northeastern and midwestern states had the highest numbers.  Take a look:

• New York – 2,052
• Ohio – 1.033
• Florida – 1.021
• Illinoi – 897
• Pennsylvania – 401

Metros with Highest Zombie-Foreclosure Rates Included:

• Peoria IL – 14.2%
• Wichita KS – 14.1%
• South Bend IN – 12%
• Youngstown OH – 11.6%
• Cleveland OH – 11.5%

States in Midwest and South with Biggest Decreases in Overall Vacancy Rates

States with the largest quarterly decreases in vacancy rates included:

• Rhode Island – from 1.3% in Q1 to 1% in Q2 2021
• Mississippi – from 2.5% in Q1 to 2.2% in Q2 2021
• Kentucky – from 1.2% in Q1 to 1.1% in Q2 2021
• South Carolina – from 1.7% in Q1 to 1.65 in Q2 2021
• Kansas – from 2.5% in Q1 to 2.4% in Q2 2021

Thanks to ATTOM Data Solutions.

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