IRVINE, Calif., Feb. 25, 2021 /PRNewswire/ — ATTOM Data Solutions, curator of the nation’s premier property database, immediately launched its first-quarter 2021 Vacant Property and Zombie Foreclosures Report exhibiting that 1.4 million (1,449,253) residential properties in the US are vacant, representing 1.5 p.c of all houses.
The report analyzes publicly recorded actual property information collected by ATTOM Information Options — together with foreclosures standing, fairness, and owner-occupancy standing — matched in opposition to month-to-month up to date emptiness information. (See full methodology enclosed beneath). Emptiness information is on the market for U.S. residential properties at https://www.attomdata.com/solutions/marketing-lists/.
The report reveals that simply 175,414 properties are within the strategy of foreclosures within the first quarter of this yr, down 12.3 p.c from the fourth quarter of 2020 and 38 p.c from the primary quarter of 2020. The variety of pre-foreclosure houses sitting empty (6,677 within the first quarter of 2021) can also be down 12.3 p.c, measured quarterly, whereas it has decreased 23.1 p.c, measured yearly.
The portion of pre-foreclosure properties which have been deserted into zombie standing remained at 3.8 p.c within the first quarter of 2021, in comparison with the prior quarter.
Among the many nation’s complete inventory of practically 99 million residential properties, zombie properties proceed to symbolize only a miniscule portion – solely considered one of each 14,825 houses within the first quarter of 2021. That determine is down from one in 13,074 within the fourth quarter of 2020 and one in 11,405 within the first quarter of final yr.
The primary-quarter 2021 information reveals that vacant houses sooner or later within the foreclosures course of proceed to vanish from most neighborhoods throughout the nation because the housing market stays sturdy and the federal authorities retains making an attempt to defend householders from an financial slide stemming from the worldwide Coronavirus pandemic. A moratorium in opposition to lenders foreclosing on government-backed mortgages has been in place since final March, affecting about 70 p.c of dwelling loans in the US. The short-term ban, just lately prolonged to June 30, was enacted below the CARES Act handed by Congress final March to assist debtors who’ve misplaced jobs or different sources of earnings through the pandemic. Some non-public lenders even have voluntarily provided mortgage extensions.
“As of late, you’ll be able to stroll via most neighborhoods in the US and never spot a single zombie foreclosures. That continues a outstanding turnaround from the final recession when many communities had been dotted by deserted properties,” stated Todd Teta, chief product officer with ATTOM Information Options. “The development does stay on skinny ice as a result of foreclosures are briefly on maintain, and the market continues to be liable to one other wave of zombie properties when the moratorium is lifted, relying on the overall state of the broader financial system. For the second, although, zombie properties stay just about a non-issue within the overwhelming majority of the nation.”
Zombie foreclosures down in 35 states
A complete of 6,677 residential properties dealing with potential foreclosures have been vacated by their homeowners nationwide within the first quarter of 2021, down from 7,612 within the fourth quarter of 2020 and eight,678 within the first quarter of final yr. The quantity dropped, quarter over quarter, in 35 states.
Amongst states with no less than 100 properties in pre-foreclosure within the first quarter of 2021, the most important decreases from final quarter in zombie properties included Kentucky (down 52 p.c), Mississippi (down 51 p.c), Louisiana (down 48 p.c), Connecticut (down 47 p.c) and California (down 44 p.c). States with the most important will increase included Arkansas (up 63 p.c), Texas (up 62 p.c), Minnesota (up 32 p.c), Massachusetts (up 24 p.c) and Missouri (up 20 p.c).
Zombie-foreclosure charges rise in 29 states
Zombie-foreclosure charges elevated from the fourth quarter of 2020 to the primary quarter of 2021 in 29 states. These with no less than 100 properties within the foreclosures course of through the first quarter which have the biggest will increase embody Kansas (charge up from 16.3 p.c to twenty.7 p.c of all properties within the foreclosures course of), Arkansas (up from 3.1 p.c to six.6 p.c), Minnesota (up from 4.7 p.c to 7.1 p.c), Maine (up from 8.6 p.c to 10.8 p.c) and Hawaii (up from 4.7 p.c to six.4 p.c).
Highest numbers of zombie properties once more in northeastern and midwestern states
New York continues to have the very best variety of zombie properties within the first quarter of 2021 (2,064), adopted by Florida (926), Illinois (759), Ohio (633), and New Jersey (363). California leads within the West, with 130.
“It is good to see the variety of zombie foreclosures proceed to fall,” stated Rick Sharga, govt vp at RealtyTrac, an ATTOM Information Options firm. “However states with vacant properties caught in lengthy judicial foreclosures processes ought to take steps to speed up the disposition of these properties. This would scale back the well being dangers of getting houses vacant throughout a pandemic, and supply much-needed inexpensive housing stock to potential homebuyers.”
States in Midwest and South present greatest decreases in total emptiness charges
Emptiness charges for all residential properties within the U.S. declined to 1.46 p.c within the first quarter of 2021, from 1.56 p.c within the fourth quarter of 2020 and 1.53 p.c within the first quarter of final yr. States with the most important decreases are Kentucky (down from 1.8 p.c of all houses within the fourth quarter of 2021 to 1.2 p.c now vacant), Rhode Island (down from 1.8 p.c to 1.3 p.c); Indiana (down from 2.5 p.c to 2.3 p.c), Kansas (down from 2.7 p.c to 2.5 p.c) and Mississippi (down from 2.7 p.c to 2.5 p.c).
Different high-level findings from first-quarter information:
- Amongst metropolitan statistical areas with no less than 100,000 residential properties and no less than 100 properties dealing with potential foreclosures, the very best zombie charges within the first quarter of 2021 are in Peoria, IL (15.5 p.c of properties within the foreclosures course of); South Bend, IN (15.2 p.c); Cleveland, OH (12.3 p.c); Davenport, IA (11.9 p.c) and Baltimore, MD (11.9 p.c).
- Other than Cleveland and Baltimore, the very best zombie-foreclosure charges in main metro areas with no less than 500,000 residential properties and no less than 100 properties dealing with foreclosures are in St. Louis, MO (10.5 p.c of foreclosures properties); Indianapolis, IN (9.2 p.c) and Virginia Seaside, VA (8.7 p.c).
- The bottom zombie-foreclosure charges in metro areas with no less than 500,000 properties within the first quarter of 2021, whatever the variety of houses in foreclosures, are in San Francisco, CA (0.7 p.c of foreclosures properties); Denver, CO (1.5 p.c); Charlotte, NC (1.6 p.c); Los Angeles, CA (1.8 p.c) and New York, NY (1.8 p.c).
- The very best ranges of vacant investor-owned houses within the first quarter of 2021 are in Indiana (7.5 p.c), Kansas (6.5 p.c), Mississippi (5.9 p.c), Ohio (5.8 p.c) and Michigan (5.8 p.c).
- The very best total emptiness charges for all residential properties within the first quarter of 2021 are in Oklahoma (2.5 p.c), Tennessee (2.5 p.c), Mississippi (2.5 p.c), Kansas (2.5 p.c) and Michigan (2.3 p.c). The bottom are in New Hampshire (0.4 p.c), Delaware (0.4 p.c), Vermont (0.4 p.c), Idaho (0.5 p.c) and New Jersey (0.7 p.c).
- The very best zombie-foreclosure charges amongst counties with no less than 500 properties in foreclosures through the first quarter of 2021 are in Cuyahoga County (Cleveland), OH (13.8 p.c); Broome County (Binghamton), NY (11.3 p.c); Pinellas County (Clearwater), FL (10.6 p.c); Onondaga County (Syracuse), NY (9.9 p.c) and Allegheny County (Pittsburgh), PA (8.6 p.c).
- The bottom charges amongst counties with no less than 500 properties in foreclosures embody Passaic County, NJ (west of New York Metropolis) (0.9 p.c); Queens County, NY (1 p.c); Westchester County, NY (exterior New York Metropolis) (1 p.c) and Osceola County (Kissimmee), FL (1 p.c) and Kings County (Brooklyn), NY (1.1 p.c).
ATTOM Information Options analyzed county tax assessor information for greater than 98 million single-family houses and condos for emptiness, damaged down by foreclosures standing and, owner-occupancy standing. Solely metropolitan statistical areas with no less than 100,000 residential properties and counties with no less than 50,000 residential properties had been included within the evaluation. Emptiness information is on the market at https://www.attomdata.com/solutions/marketing-lists/.
About ATTOM Information Options
ATTOM Data Solutions offers premium property data to energy merchandise that enhance transparency, innovation, effectivity and disruption in a data-driven financial system. ATTOM multi-sources property tax, deed, mortgage, foreclosures, environmental threat, pure hazard, and neighborhood information for greater than 155 million U.S. residential and industrial properties protecting 99 p.c of the nation’s inhabitants. A rigorous information administration course of involving greater than 20 steps validates, standardizes and enhances the info collected by ATTOM, assigning every property file with a persistent, distinctive ID — the ATTOM ID. The 20TB ATTOM Information Warehouse fuels innovation in lots of industries together with mortgage, actual property, insurance coverage, advertising, authorities and extra via versatile information supply options that embody bulk file licenses, property data APIs, real estate market trends, marketing lists, match & append and introducing the primary property information supply resolution, a cloud-based information platform that streamlines information administration – Data-as-a-Service (DaaS).
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