This week data powerhouse RealtyTrac released their Q3 2016 U.S. Residential Property Vacancy and Zombie Foreclosure Report, showing close to 1.4 million residential properties (1 to 4 units) representing 1.6% of all residential properties were vacant as of the end of the third quarter. This number is 3% less than the previous quarter and down 9% from one year ago. The report shows that over 18k residential properties that were actively in the foreclosure process were zombies – representing 4.7% of all residential properties in foreclosure. There were over 46k vacant REO’s representing an increase of 7% from the previous quarter and up 67% from one year ago.
“A strong seller’s market along with political pressure has likely motivated lenders to complete the foreclosure process over the past year on many vacant properties that were lingering in foreclosure limbo for years….While that has reduced the number of vacant properties in the foreclosure process — so-called zombie foreclosures — it has also resulted in a corresponding rise in the number of vacant bank-owned homes.” Said Daren Blomquist, senior vice president at ATTOM Data Solutions.
Click here to read the full report on RealtyTrac.
Click here to read “the 10 Metros With the Most Vacant Homes” on the NAR’s RealtorMag.com.
