Zombie Properties

Five Million Homes Sit Empty Across Largest U.S. Metros

Posted on by TMN Editor
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” Property Increases May Be On The Horizon

Posted on by TMN Editor
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…