Policy solutions such as land banks have had a positive impact
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The number of vacant properties and zombie foreclosures fell in the third quarter amid positive impacts of policy solutions as well as the booming housing markets in certain areas, according to the Vacant Property and Zombie Foreclosure Report released by ATTOM Data Solutions.
The number of vacant single-family homes and condos across the US totaled 1,447,906 at the end of third quarter. The total represents 1.52% of all homes nationwide, declining from the previous 1.58% share.
Meanwhile, vacant "zombie" foreclosures homes totaled 10,291, representing 3.38% of all homes actively in the foreclosure process. The third-quarter figures compare to the 14,312 zombie foreclosures and the 4.18% zombie foreclosure rate 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."
ATTOM found that Tennessee had the highest share of vacant home at 2.65%. Kansas (2.5%), Oklahoma (2.49%), Mississippi (2.47%), and Indiana (2.45%) made up the rest of the top five.
Flint, Mich., topped the list of 153 metropolitan statistical areas analyzed in the report with its 6.99% vacant home share. Youngstown, Ohio, was second with a 3.8% share. Beaumont-Port Arthur, Texas (3.71%); Myrtle Beach, S.C. (3.7%); and Mobile, Ala. (3.69%) rounded out the top five.
