Nearly 5.5 million homes are sitting vacant in the U.S.’s largest metros, but they’re not going to save the housing market.
LendingTree analyzed the latest U.S. Census Bureau American Community Survey data to find out what cities have the highest shares of unoccupied homes and why.
Their survey found that 5,475,687 housing units are vacant in the country’s 50 biggest metros, with a vacancy rate of 8.02% across them all.
New Orleans (16.11%), Miami (14.48%), and Tampa, FL (13.83%), have the highest vacancy rates, with 600,000 empty housing units vacant collectively.
Minneapolis, Austin, and Washington, D.C., have the fewest vacancies.
While it’s important to know the number of houses sitting empty, the reasons behind them are far more significant.
LendingTree…
Zombie foreclosures are inching up as people who can no longer afford their homes abandon them.
The number of vacant homes in foreclosure, or zombie foreclosures, has risen for the sixth consecutive quarter, according to new data from ATTOM.
Year-over-year, zombie foreclosures are up 13.9%. Currently, 8,800 foreclosures are sitting empty across the country.
“Zombie foreclosures again are ticking up a tiny bit this quarter, tracking along with a small rise in overall foreclosure activity around the country. That’s to be expected, as a handful of homeowners who can’t catch up on overdue mortgage payments just walk away from their properties,” said Rob Barber, ATTOM CEO.
But these foreclosures remain just one in 11,600 of all homes nationwide, abating fears…
Good Morning! Today is Thursday, June 2. A man carrying a rifle and a handgun killed four people and wounded several others inside a medical office building in Tulsa. The U.S. will airlift baby formula from Europe. Doctors transplanted a 3-D printed ear made from human cells. The Mortgage Note Reports Foreclosure Bump: Zombie foreclosures rose 3% from Q1 to Q2 2022, the first increase in a year, as overall foreclosure activity jumped 13%. Apps Down: Mortgage loan application volume dropped another 2.3%, the fourth decrease in five weeks and the lowest level since December 2018. Most Popular: In May, our story on bidding wars in the rental market was the most popular story posted on social media. What topics would you like to see covered? Email Editor Kimberley Haas…
Zombie foreclosures rose 3% from Q1 to Q2 2022, the first increase in a year, as overall foreclosure activity jumped 13%, ATTOM reported. Zombie properties– homes that sit vacant– account for 1.3 million properties in the U.S. That is one in every 76 homes. Among pre-foreclosure properties, 7,569 sit vacant in Q2, meaning that the number of zombie-foreclosure properties rose quarterly by 2.8%. Foreclosures are up 12.7% from Q1 2022 and 15.9% YOY, with 259,166 properties in the process of foreclosure in Q2 2022. This is the third consecutive quarter of increases since the national foreclosure moratorium was lifted in July 2021. “The incidence of zombie-foreclosures tends to be higher in cases where the foreclosure process has dragged on for…
