According to ATTOM Data Solutions’ newly released Q4 2020 Vacant Property and Zombie Foreclosure Report, among the 200,065 properties in the process of foreclosure in Q4 2020, 7,612 are sitting empty or zombie foreclosures. While that number is down 4.4 percent from Q3 2020, the portion of pre-foreclosure properties that have been abandoned as zombie foreclosures is up slightly, from 3.7 percent in Q3 2020 to 3.8 percent in Q4 2020.
ATTOM’s latest vacant properties analysis provides a current snapshot of the market in the fourth quarter of 2020. The analysis shows that 1.6 million (1,556,592) residential properties in the U.S. are vacant, representing 1.6 percent of all homes. The analysis also shows that among the nation’s stock of 99.5 million residential properties, zombie properties continue to represent just a tiny fraction – only one of every 13,100 homes.
The Q4 2020 vacant property and zombie foreclosure report notes the zombie foreclosure rate of 3.8 percent, or one in 26 properties, is up from 3 percent, or one in 34 properties, in Q3 2019. The report also notes the states with the highest zombie foreclosure rates remain clustered in the Midwest and South, with the top rates among those states with at least 50 properties in foreclosure and vacant, include: Iowa (15.5 percent, or one in six properties in the foreclosure process), Kentucky (12 percent, or one in eight), Missouri (10.2 percent, or one in 10), Georgia (9.6 percent, or one in 10), and Maryland (9.2 percent, or one in nine).
According to the analysis, zombie-foreclosure rates rose from Q3 2020 to Q4 2020 in 37 states and the District of Columbia. The report reveals that the states with at least 100 properties in the foreclosure process and the largest increases include: Iowa (up from 10.3 percent to 15.5 percent of all properties in the foreclosure process), Delaware (up from 3.7 percent to 8 percent), Oregon (up from 5.1 percent to 9.2 percent), Mississippi (up from 8.7 percent to 12.2 percent) and Maryland (up from 7 percent to 9.2 percent).
The report touches on zombie foreclosure rates at the zip code level and notes that among zip codes with at least 100 properties in foreclosure, those where the zombie foreclosure rate exceeds 5 percent remain concentrated in New York, Florida, Ohio and Illinois. The report also notes those zip codes with the top percentages remain the same as in the third quarter of 2020: 44108, 44112 and 44105, all in Cleveland, OH, 61604 in Peoria, IL, and 13601 in Watertown, NY.
In this post, we take a deep dive into the data to uncover the top 10 zip codes where the zombie-foreclosure rate is on the rise. Among those zip codes with at least 100 properties in foreclosure and 10 zombies, those with the greatest increases in the zombie foreclosure rate from Q3 2020 to Q4 2020 include: 14616 – Rochester, NY (up from 4.08 percent to 6.12 percent); 12205 – Albany, NY (up from 6.25 percent to 8.59 percent); 44121 – Cleveland, Ohio (up from 12.70 percent to 17.43 percent); 62040 – Granite City, IL (up from 14.29 to 18.18 percent); 14612 – Rochester, NY (up from 5.93 percent to 7.30 percent); 44112 – Cleveland, Ohio (up from 34.81 percent to 40.17 percent); 60620 – Chicago, IL (up from 8.94 percent to 10.19 percent); 11704 – West Babylon, NY (up from 2.77 percent to 3.15 percent); 60617 – Chicago, IL (up from 13.86 to 15.53 percent); and 13440 – Rome, NY (up from 10.14 percent to 11.33 percent).
ATTOM’s Q4 2020 vacant property and zombie foreclosure report also notes that among the 158 metro areas with at least 100,000 residential properties and at least 100 properties facing possible foreclosure, the highest zombie rates include Kansas City, MO (17.2 percent of properties in the foreclosure process); Peoria, IL (16.3 percent); Omaha, NE (15 percent); Davenport, IA (13.8 percent) and Cleveland, OH (13.2 percent).
The 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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