• 17 hours The Biggest Loser In The China-U.S. Tariff Tit-For-Tat
  • 1 day Trade War Takes Its Toll On Shipping
  • 4 days Is $90 Oil Possible? An Interview With Jay Park
  • 4 days Billions Of Dollars Are Flooding Into The Flying Taxi Space
  • 5 days Is This The Most Important Energy Project Of 2020?
  • 5 days Startups Are Dying To Give You A Better Death
  • 6 days U.S. Restaurants Are Struggling With Rising Labor Costs
  • 6 days The Banking Bonanza Is Just Getting Started
  • 7 days How The Trade War Ceasefire Will Impact The Energy Industry
  • 7 days Who Is The Most Dangerous Person On The Internet?
  • 8 days SoftBank Sees First Quarterly Loss In 14 Years
  • 10 days Prepare For An Oil Glut In 2020
  • 11 days Why A Strong Yuan Is A Promising Sign For The Trade War
  • 11 days What Would You Sacrifice For A Debt-Free Life?
  • 12 days Shareholders Urge Major Bank To Stop Funding Fossil Fuel Companies
  • 12 days Tariffs Are Causing A Slowdown In U.S. Manufacturing
  • 12 days The Great Silicon Valley Migration Has Begun
  • 13 days 3 Oil Stocks Paying Out Promising Dividends In 2020
  • 13 days How Fractional Trading Is Democratizing the Stock Markets
  • 14 days Why Smart Money Is Looking To Short Aramco
Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

  1. Home
  2. Markets
  3. Other

Zombie Foreclosures On The Rise In The U.S.

Foreclosures

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 percent 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 percent "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 percent), Kansas (6.7 percent), Minnesota (6.0 percent), Ohio, (5.9 percent) and Rhode Island (5.8 percent).

Related: American Households Are Absorbing The Costs Of The Trade War

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. 

By Zerohedge.com

More Top Reads From Safehaven.com

Back to homepage

Leave a comment

Leave a comment