“Zombie” Property Increases May Be On The Horizon

The number of “zombie” foreclosures hardly budged this quarter, though increases are expected to come, according to a report from ATTOM Data Solutions. Properties that are both vacant and in the foreclosure process, known as “zombie” properties, make up 3.3% of foreclosures. Zombie properties are most common in the Northeast and Midwest. New York has the highest rate, followed by Ohio, Florida, Illinois, and Pennsylvania. And 7,432 property owners vacated their homes in Q2, down from 7,538 in Q3 2021 and from 7,612 in Q4 2020. That number is down both quarter-over-quarter and year-over-year (YOY) in 25 states. Georgia saw a 29% drop in zombies from Q3 to Q4, while Kentucky, Illinois, Connecticut, and Oklahoma all saw drops of over…