According to ATTOM’s newly released Q4 2022 Vacant Property and Zombie Foreclosure Report, 1.3 million residential properties in the U.S. sit vacant, representing 1.26 percent, or one in 79 homes, across the nation.
ATTOM’s latest vacant properties analysis also reveals that 284,423 residential properties in the U.S. are in the process of foreclosure in Q4 2022, up 5.2 percent from Q3 2022 and up 27.4 percent from Q4 2021.
The Q4 2022 report notes that among those pre-foreclosure properties, 7,722 are zombie foreclosures (pre-foreclosure properties abandoned by owners), up 0.2 percent from Q3 2022 and 3.9 percent from Q4 2021. The report illustrates these trends with a special infographic just in time for Halloween.
ATTOM’s latest vacancy report found that despite the increase, the number of zombie-foreclosures remains historically low, representing just a tiny segment of the nation’s total stock of 100.1 million residential properties. Also according to the report, just one of every 12,963 homes in Q4 2022 is vacant and in foreclosure. That figure is almost exactly the same as in Q3 2022, although up 2.5 percent from one in 13,292 in Q4 2021.
The report also shows the portion of pre-foreclosure properties that have been abandoned into zombie status, meanwhile, continues to decline, from 3.3 percent a year ago to 2.8 percent in Q3 2022 and 2.7 percent in Q4 2021.
ATTOM’s Q4 2022 vacancy report states that among metro areas in the U.S. with at least 100,000 residential properties and at least 100 properties facing possible foreclosure, the highest zombie rates are in Wichita, KS (12.7 percent of properties in the foreclosure process are vacant); Peoria, IL (9.9 percent); Syracuse, NY (8.2 percent); Toledo, OH (7.8 percent) and Cleveland, OH (7.1 percent).
The report also states that the highest zombie-foreclosure rates in U.S. counties with at least 500 properties in the foreclosure process in Q4 2022 are in Baltimore County, MD (12.4 percent zombie foreclosures); Broome County (Binghamton), NY (11.5 percent); Peoria County, IL (11.2 percent); Pinellas County (Clearwater), FL (9 percent) and Onondaga County (Syracuse), NY (8.6 percent).
In this post, we take a deep dive into the data to uncover the top 10 zip codes with the highest zombie foreclosure rates among those zips with at least 1,000 residential properties and 100 of them facing possible foreclosure in Q4 2022.
Those zips include: 44108 – Cleveland, Ohio (23.0 percent); 44112 – Cleveland, Ohio (19.5 percent); 44105 – Cleveland, Ohio (18.0 percent); 61604 – Peoria, Illinois (16.4 percent); 13601 – Watertown, New York (14.7 percent); 44110 – Cleveland, Ohio (14.3 percent); 44109 – Cleveland, Ohio (12.9 percent); 13760 – Endicott, New York (11.5 percent); 13440 – Rome, New York (11.0 percent); and 61554 – Perkin, Illinois (10.8 percent).
ATTOM’s quarterly vacancy report analyzes publicly recorded real estate data collected by ATTOM — including foreclosure status, equity and owner-occupancy status — matched against monthly updated vacancy data. (See full methodology below). Vacancy data is available for U.S. residential properties at https://www.attomdata.com/solutions/marketing-lists/.
Want to learn more about vacant properties and zombie foreclosures in your market? Contact us to find out how!