ATTOM’s latest Q1 2022 Vacant Property and Zombie Foreclosure Report reveals that 1.4 million residential properties in the U.S. sit vacant, representing 1.4 percent, or one in 73 homes, across the nation. The report also shows that 229,864 residential properties in the U.S. are in the process of foreclosure in Q1 2022, and among those pre-foreclosure properties, 7,363 sit vacant.
According to ATTOM’s new vacant properties analysis, the number of pre-foreclosure properties in Q1 2022 is up 3 percent from Q4 2021 and 31 percent from Q1 2021 – marking the second straight quarterly increase since the nationwide moratorium on most lender takeovers of delinquent mortgages was lifted at the end of July.
The report notes that the number of pre-foreclosure properties sitting vacant in Q1 2022 is down quarterly by 0.9 percent but up annually by 10.3 percent. While the portion of pre-foreclosure properties that have been abandoned into zombie status dropped slightly from 3.3 percent in Q4 2021 to 3.2 percent in Q1 2022.
ATTOM’s vacant property and zombie foreclosure report analyzes publicly recorded real estate data collected by ATTOM — including foreclosure status, equity and owner-occupancy status — matched against monthly updated vacancy data. Vacancy data is available for U.S. residential properties at https://www.attomdata.com/solutions/marketing-lists/.
The Q1 2022 vacant properties analysis reported that the number of residential properties facing possible foreclosure that have been vacated by their owners has decreased, quarter over quarter, in 25 states, but it is up, year over year, in 30.
According to the report, among states with at least 50 zombie foreclosures in Q1 2022, the biggest decreases from Q4 2021 to Q1 2022 are in Michigan (zombie properties down 29 percent, from 76 to 54), New Jersey (down 18 percent, from 337 to 275), Illinois (down 11 percent, from 758 to 676), Oklahoma (down 10 percent, from 104 to 94) and North Carolina (down 8 percent, from to 146 to 134).
The report also notes that while the numbers remain low, the biggest increases from Q1 2021 to Q2 2022 among states with at least 50 zombie foreclosures in Q1 2022 are in Connecticut (zombie properties up 520 percent, from 10 to 62), Iowa (up 207 percent, from 43 to 132), Maryland (up 182 percent, from 44 to 124), Maine (up 174 percent, from 23 to 63) and Nevada (up 119 percent, from 31 to 68).
ATTOM’s Q1 2022 vacant properties report shows that six of the seven states with the most zombie foreclosures again are in the Northeast and Midwest, led by New York, which continues to have the highest number of zombie properties (2,074 the first quarter of 2022), followed by Ohio (942), Florida (916), Illinois (676) and Pennsylvania (356).
In this post, we take a deep dive into the data behind our Q1 2022 vacant property and zombie foreclosure report to reveal the top 10 zip codes with the largest numbers of zombie properties. Among those more populated zips with 50,000 or more people in Q1 2022, those zombified zips or those zips with the most zombie foreclosures include: 11706 – Bay Shore, New York (19); 11717 – Brentwood, New York (17); 12180 – Troy, New York (17); 60619 – Chicago, Illinois (17); 11207 – Brooklyn, New York (16); 11746 – Huntington Station, New York (14); 11550 – Hempstead, New York (13); 60411 – Chicago Heights, Illinois (11); 60620 – Chicago, Illinois (11); and 10469 – Bronx, New York (10).
Also, according to ATTOM’s new vacant properties analysis, the vacancy rate for all residential properties in the U.S. has increased to 1.37 percent in Q1 2022 – up from 1.33 percent in Q4 2021, but still down from 1.46 percent in Q1 2021. The report shows that overall vacancy rates decreased in 38 states from Q1 2021 Q1 2022, led by Oregon (down from 1.9 percent of all homes in the first quarter of 2021 to 1.1 percent in the first quarter of this year), Mississippi (down from 2.5 percent to 1.8 percent), Tennessee (down from 2.5 percent to 1.9 percent), Wisconsin (down from 1.4 percent to 0.8 percent) and Minnesota (down from 1.5 percent to 1 percent).
Want to learn more about vacant properties and zombie foreclosures in your area? Contact us to find out how!