Attom Data Solutions has published its Vacant Property and Zombie Foreclosure Report that shows over 1.5 million (1,530,563) homes and condos vacant in 3Q19, which represents about 1.6% of the national housing stock. Attom examined county tax assessor data of 98 million single-family homes and condos for vacancies, foreclosure status, and owner-occupancy status.
During the quarter there were 304,000 homes in the process of foreclosure, with 3.2% "zombie" foreclosures, a situation that occurs when homeowners abandon a home after receiving a foreclosure notice.
The report showed a total of 9,612 zombie foreclosures nationwide.
New York had the most zombie properties (2,428), followed by Florida (1,634), Illinois (985), Ohio (891) and New Jersey (463).
The top 10 metropolitan areas with zombie properties are New York-Newark-Jersey City, NY-NJ-PA (1,566); Chicago-Naperville-Elgin, IL-IN-WI (534); Miami-Fort Lauderdale-West Palm Beach, FL (506); Cleveland-Elyria, OH (431); Tampa-St. Petersburg-Clearwater, FL (351); Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (281); Albany-Schenectady-Troy, NY (174); Rochester, NY (172); Baltimore-Columbia-Towson, MD (171); and Jacksonville, FL (155).
The counties with the most zombie properties are Suffolk, NY (475); Cuyahoga, OH (392); Nassau, NY (322); Cook, IL (316); Broward, FL (181); Pinellas, FL (174); Palm Beach, FL (172); Miami-Dade, FL (153); Monroe, FL (143); and Duval, FL (131).
Zipcodes with the most zombie properties are 44105 in Cleveland, OH (57); 44108 in Cleveland, OH (54); 61605 in Peoria, IL (53); 44112 in Cleveland, OH (37); 14701 in Jamestown, NY (30); 11967 in New York, NY (28); 11520 in New York, NY (27); 11717 in New York, NY (27); 34668 in Tampa, FL (26); and 12078 in Gloversville, NY (26).
ATTOM's 3Q19 report also found the highest levels of vacant investor-owned properties were in Indiana (8.8%), Kansas (6.7%), Minnesota (6.0%), Ohio, (5.9%) and Rhode Island (5.8%).
The zipcodes with the highest number of vacant investor-owned properties were in 29928 in Hilton Head Island, SC (4,941); 48505 in Flint, MI (2,828); 29582 in Myrtle Beach, SC (2,728); 29572 in Myrtle Beach (2,325); 48504 in Flint, MI (1,774); 48227 in Detroit, MI (1,733); 92262 in Riverside, CA (1,727); 48228 in Detroit, MI (1,670); 19132 in Philadelphia, PA (1,648); and 48224 in Detroit, MI (1.627).
"The blight of vacant, decaying properties facing foreclosure has declined dramatically across the United States – another good-news offshoot of the housing boom that's gone on for eight years," said Todd Teta, chief product officer with ATTOM Data Solutions.
"A handful of areas still face notable problems with homes abandoned by owners after they get hit with foreclosure claims."
Maybe the chart below - which can only go up now - explains why President Trump is demanding the Federal Reserve cut 100bps and launch quantitative easing, and as of this week, trial ballooned several headlines of emergency payroll tax cuts. The administration has figured out that another housing bust is coming and will do anything to delay it.