Thursday, August 27, 2020

More Homes In "Vacant" Zombie Foreclosures In Q3

Irvine-based property data provider ATTOM Data Solutions reports that even more properties in the United States have fallen into what it calls the "zombie foreclosure realm" in Q3, as the U.S. housing market continues to slide due to the economic aftermath of the coronavirus pandemic. According to ATTOM Data, it tracked 1.5 million (1,570,265) residential properties in the United States vacant, representing 1.6 percent of all homes, with about 216,000 of those homes in the process of foreclosure; the company said about 7,960 (3.7 percent) are empty "zombie foreclosures"--where the owners have abandoned their homes. ATTOM Data Solutions said that a temporary ban against lenders foreclosing on government-backed mortgages expires this week on August 31st. According to ATTOM Data Soultions, an increased number of vacant foreclosure properties may be an unintended consequence of the foreclosure moratoria put in place by Federal, State, and Local Governments--which the company said can an contribute to neighborhood blight, and become safety hazards – especially during a pandemic.

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