Zombie Properties Slip Below 3 Percent Of All Foreclosures Nationwide
IRVINE, Calif., Oct. 31, 2019 /PRNewswire/ -- ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its Q4 2019 Vacant Property and Zombie Foreclosure Report showing that over 1.5 million (1,527,142) U.S. single family homes and condos, representing 1.5 percent of all homes, were vacant in the fourth quarter of 2019.
The report analyzes publicly recorded real estate data collected by ATTOM Data Solutions -- including foreclosure status and owner-occupancy status -- matched against quarterly updated vacancy data. (See full methodology enclosed below.)
The report shows that during the fourth quarter of 2019, about 288,300 homes were in the process of foreclosure, with 8,535, or 2.96 percent sitting empty as "zombie" foreclosures. The percentage of zombie properties is down from 3.2 percent in Q3 2019 and 4.7 percent in Q3 2016, the last comparative foreclosure vacancy report.
"The fourth quarter of 2019 was a repeat of the third quarter when it came to properties abandoned by owners facing foreclosure: the scourge continued to fade. One of the most visible signs of the housing market crash during the Great Recession keeps receding into the past," said Todd Teta, chief product officer with ATTOM Data Solutions. "While pockets of zombie foreclosures remain, neighborhoods throughout the country are confronting fewer and fewer of the empty, decaying properties that were symbolic of the fallout from the housing market crash during the recession."
Q4 2019 Vacant Home Infographic for Top ZIPS
High-level findings from the report:
-- A total of 8,535 properties facing possible foreclosure were vacated by
their owners nationwide in the fourth quarter of 2019. Washington, D.C.
continued to have the highest percentage of zombie foreclosures (10.5
percent). States where the zombie foreclosure rates were above the
national rate of 2.9 percent included Kansas (7.9 percent), Oregon (7.9
percent), Montana (7.4 percent); Maine (6.7 percent) and New Mexico (5.8
percent). The lowest rates - all less than 1.2 percent - were in North
Dakota, Arkansas, Idaho, Colorado and Delaware.
-- New York had the highest actual number of zombie properties (2,266),
followed by Florida (1,461), Illinois (892), Ohio (823) and New Jersey
(398). But those numbers were all lower than in Q3 2019.
-- Among metropolitan areas with at least 100,000 residential properties,
Peoria, IL, continued to have the highest percent of vacant foreclosures
(zombies) at 13.5 percent, followed by Wichita, KS (10.2 percent),
Lexington, KY, (9.8 percent); Syracuse, NY (9.3 percent) and Honolulu,
HI (8.6 percent).
-- Among zip codes with a population of 10,000 or more and least 1,000
vacant properties, the highest rates of zombie foreclosure properties
remained concentrated in the Midwest. The zip codes with the top
percentages included 48505 and 48504 zip codes in the Flint, MI metro
area; 46407 and 60426 zip codes in the Chicago, IL metro area; 29928 zip
code in the Hilton Head, SC metro area; and 46016 zip code in the
Indianapolis, IN metro area.
-- The top zombie foreclosure rates in counties with at least 500
properties in foreclosure included Peoria County, IL (17.2 percent);
Baltimore City/County, MD (11.5 percent); Broome County, NY (10.3
percent); Onondaga County, NY (9.7 percent) and Cuyahoga County, OH (9.4
percent).
-- The highest levels of vacant investor-owned homes were in Indiana (8.7
percent), Kansas (6.6 percent), Minnesota (6.0 percent), Ohio (5.9
percent) and Rhode Island (5.9 percent).
-- The highest overall vacancy rates for all residential properties were in
Tennessee (2.7 percent); Kansas (2.7 percent); Indiana (2.6 percent);
Oklahoma (2.5 percent) and Mississippi (2.5 percent). The lowest were in
New Hampshire (0.4 percent); Vermont (0.4 percent); Delaware (0.5
percent); Idaho (0.6 percent) and North Dakota (0.7 percent).
Report Methodology
ATTOM Data Solutions analyzed county tax assessor data for more than 98 million single-family homes and condos for vacancy, broken down by foreclosure status and, owner-occupancy status. Only metropolitan statistical areas with at least 100,000 single-family homes and condos and counties with at least 50,000 single-family homes and condos were included in the analysis. Vacancy data is available at https://www.attomdata.com/solutions/marketing-lists/.
About ATTOM Data Solutions
ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID -- the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, marketing lists, match & append and introducing the first property data delivery solution, a cloud-based data platform that streamlines data management - Data-as-a-Service (DaaS).
Media Contact:
Christine Stricker
949.748.8428
christine.stricker@attomdata.com
Data and Report Licensing:
949.502.8313
datareports@attomdata.com
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SOURCE ATTOM Data Solutions
