Zombie Foreclosures Increase 21% in Q2
According to ATTOM Data’s latest Vacant Property and Zombie Foreclosure Report, zombie foreclosures represent only one of every 12,256 homes in Q2, 2021, which they say are just a minuscule portion of the nation’s 99 million residential properties. The report says 223,671 properties were in the process of foreclosure in Q2 of this year, up 27.5% from first quarter but still down 13.3% from the second quarter of 2020. In addition, the number of Zombie homes sitting empty (8,078 in Q2) was up quarterly by 21%, and annually by 5.6%.
“The latest numbers show a spike in zombie properties during the second quarter that stands out compared to recent times, especially given the moratorium. It may simply be due to lenders foreclosing on homes that were already abandoned…But even with the increase, zombie foreclosures are still just a dot on the housing market radar screen, which is more testimony to how strong the housing market remains…” Said Todd Teta, chief product officer with ATTOM Data Solutions.