According to ATTOM’s newly released Q2 2022 Vacant Property and Zombie Foreclosure Report, 1.3 million residential properties in the U.S. sit vacant, representing 1.3 percent, or one in 76 homes, across the nation.
ATTOM’s latest vacant properties analysis also shows that 259,166 residential properties in the U.S. are in the process of foreclosure in Q2 2022, up 12.7 percent from Q1 2022 and up 15.9 percent from Q2 2021. The report notes that among those pre-foreclosure properties, 7,569 sit vacant – that number of zombie-foreclosure properties is up from Q1 2022 by 2.8 percent.
The report also notes that the number of zombie-foreclosures remains down 6.3 percent from a year ago and continues to represent just a small segment of the nation’s total stock of 99.7 million residential properties. Also according to ATTOM’s latest analysis, just one of every 13,171 homes in Q2 2022 are vacant and in foreclosure. The report states that the portion of pre-foreclosure properties that have been abandoned into zombie status continues to decline – down from 3.6 percent a year ago to 3.2 percent in Q1 2022 and 2.9 percent in Q2 2022.
ATTOM’s Q2 2022 vacancy report found that the portion of all residential properties sitting empty in the foreclosure process has grown 1.9 percent in Q2 2022, up from one in 13,424 in Q1 2022.
The report also shows that while the numbers remain extremely low, the biggest increases from Q1 2022 to Q2 2022 in states with at least 50 zombie foreclosures are in Michigan, (zombie properties up 74 percent, from 54 to 94), Arizona (up 56 percent, from 32 to 50), Georgia (up 29 percent, from 62 to 80), Nevada (up 26 percent, from 68 to 86) and Iowa (up 17 percent, from 132 to 155).
According to ATTOM’s Q2 2022 vacancy report, among U.S. metros with at least 100,000 residential properties and at least 100 properties facing possible foreclosure in Q2 2022, the highest zombie rates are in Peoria, IL (11.3 percent of properties in the foreclosure process are vacant); Wichita, KS (11.2 percent); Cleveland, OH (9.5 percent); Syracuse, NY (8.9 percent) and South Bend, IN (8.6 percent).
The report shows that the highest zombie-foreclosure rates in U.S. counties with at least 500 properties in the foreclosure process in Q2 2022 are in Broome County (Binghamton), NY (11.8 percent of pre-foreclosure homes are empty); Cuyahoga County (Cleveland), OH (10.8 percent); Onondaga County (Syracuse), NY (9.4 percent); Pinellas County (Clearwater), FL (9.3 percent); and Oneida County, NY (outside Syracuse) (8.3 percent).
In this post, we take a deep dive into the data behind the ATTOM Q2 2022 vacant property and zombie foreclosure report to uncover the top 10 zombified zips, or those zip codes with the highest zombie foreclosure rates among zips with at least 1,000 residential properties and 100 of them facing possible foreclosure. Those zips include: 44112 – Cleveland, OH (32.3 percent); 44108 – Cleveland, OH (31.6 percent); 44105 – Cleveland, OH (26.6 percent); 61604 – Peoria, IL (21.1 percent); 13601 – Watertown, NY (17.2 percent); 44110 – Cleveland, OH (17.0 percent); 44109 – Cleveland, OH (16.4 percent); 44102 – Cleveland, OH (13.7 percent); 13760 – Endicott, NY (13.0 percent); and 44120 – Cleveland, OH (12.4 percent).
ATTOM’s 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. Vacancy data is available for U.S. residential properties at https://www.attomdata.com/solutions/marketing-lists/.
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