Vacant Home Rate Are Down, with Fewer “Zombie” Foreclosures, Report Finds
Nearly 1.5 million U.S. single family homes and condos were vacant at the end of Q3 2018, representing 1.52 percent of all homes nationwide — down from 1.58 percent in 2017, according to a report from property database curator ATTOM Data Solutions.
This report also found that there were 10,291 vacant “zombie” foreclosures homes nationwide at the end of Q3 2018, representing 3.38 percent of all homes actively in the foreclosure process.
The number of zombie foreclosure homes was down from 14,312 a year ago, and the zombie foreclosure rate was down from 4.18 percent a year ago.
“The number of vacant foreclosures is now less than one-fourth of the more than 44,000 in 2013 when we first began tracking these zombie homes,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “Policy solutions such as land banks designed to mitigate the ripple effects of vacant properties on neighborhoods and cities have had a substantial impact, and a booming housing market in many areas of the country is lifting all boats. There are still high concentrations of zombie homes and other vacant homes in some local markets and submarkets, but those high concentrations are becoming fewer and farther between.”
Some states have more vacant homes than others do
States with the highest share of vacant homes were Tennessee (2.65 percent), Kansas (2.50 percent), Oklahoma (2.49 percent), Mississippi (2.47 percent), and Indiana (2.45 percent).
Among 153 metropolitan statistical areas analyzed in the report, those with the highest share of vacant homes were Flint, Michigan (6.99 percent); Youngstown, Ohio (3.80 percent); Beaumont-Port Arthur, Texas (3.71 percent); Myrtle Beach, South Carolina (3.70 percent); and Mobile, Alabama (3.69 percent).
Among 405 U.S. counties analyzed in the report, those with the highest share of vacant homes were Baltimore City, Maryland (7.83 percent); Genesee County (Flint), Michigan (6.99 percent); Saint Louis City, Missouri (5.93 percent); Bibb County (Macon), Georgia (5.73 percent); and Wayne County (Detroit), Michigan (5.60 percent).
At least one in 10 homes vacant in 217 U.S. zip codes
Among the 15,957 U.S. zip codes analyzed in the report, 217 zip codes with a combined population of more than 2.8 million posted a vacant home rate of at least 10 percent at the end of Q3 2018.
Zip codes with the highest vacant home rate at the end of Q3 2018 were led by 46402 in Gary, Indiana (31.41 percent vacant); 48505 in Flint, Michigan (31.17 percent); 46409 in Gary Indiana (28.92 percent); 46407 in Gary, Indiana (28.59 percent); and 29928 in Hilton Head Island, South Carolina (26.38 percent);
Find out more at www.attomdata.com.
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