Zombies Decline In Q3 as Foreclosure Moratorium Ends
According to ATTOM Data’s Q3, 2021 Vacant and Zombie Foreclosure Report, there are 1.3 million residential properties in the U.S. sitting vacant, representing 1.4% or one in 74 homes nationwide. In addition, the report says that 215,495 properties are in the process of foreclosure in Q3 down 3.7% from the Q2, 2021 and down 0.2% from Q3,2020. Among those pre-foreclosure properties, 7,538 sit vacant in the Q3, 2021. ATTOM says the Q3 zombie foreclosure numbers reflect one of many measures showing how strong the U.S. housing market remains, but also one likely to face a downturn to varying degrees across the country over the coming year.
“Vacant properties in foreclosure, and the resulting potential for neighborhood decay, continue to be a non-issue overall in most of the country. But that could easily change over the coming months as lenders are now free to take back properties from delinquent homeowners,” said Todd Teta, chief product officer with ATTOM.
“How much, how fast and where that happens will depend on how different banks approach the situation. Some may decide to vigorously pursue foreclosures to recoup losses from the pandemic while others give homeowners more time to get back on their feet. But it’s hard to imagine that zombie foreclosures will continue be so few and far between across the national landscape.”
Click here to read the full report at ATTOM.
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