Zombie Properties on the Rise
June 16, 2022
Vacant Property and Zombie Foreclosure Report for Q2 shows that 1.3 million residential properties in the nation currently sit vacant, that means one in every 76 homes. Zombie foreclosure properties went up quarterly by 2.8%.
Zombie foreclosures refer to properties where a homeowner is presented with a pending foreclosure notice, and abandons their house before legally necessary, as the house slowly falls into disrepair and a state of dilapidation.
The highest zombie foreclosure rates in U.S. counties with at least 500 properties in the foreclosure process during Q2 were found in:
Broome County (Binghamton), New York with 11.8% of pre-foreclosure homes empty);
Cuyahoga County (Cleveland), Ohio with 10.8% of pre-foreclosure homes empty);
Onondaga County (Syracuse), New York with 9.4% of pre-foreclosure homes empty);
Pinellas County (Clearwater), Florida with 9.3% of pre-foreclosure homes empty); and
Oneida County, New York (outside Syracuse) with 8.3% of pre-foreclosure homes empty.
Hoyt Real Estate