Zombie foreclosures on the decline in new jersey as america sees overall increase

IRVINE, CA – Residential properties vacated by homeowners in foreclosure—known as “zombie foreclosures”—increased slightly in the fourth quarter, signaling a persistent challenge as the U.S. emerges from pandemic-era protections. Data from ATTOM shows a 1.4% quarterly and 15.3% annual rise in such properties, though they still represent less than 0.01% of homes nationwide.

The report sheds light on geographic disparities in zombie foreclosures. States such as Kentucky and Connecticut saw notable quarterly increases, whereas New Mexico and New Jersey experienced declines. New York has the highest proportion of zombie properties relative to its housing stock.

The report from ATTOM, a provider of real estate data, indicates that of the 320,765 U.S. properties in the foreclosure process, approximately 8,900 are sitting empty. This rise marks the seventh consecutive quarterly increase, despite the overall low prevalence of zombie foreclosures in the U.S. housing market. The data suggests that the ending of a moratorium on foreclosures, which had been in place to alleviate financial stress from the COVID-19 pandemic, may be contributing to this trend.

ATTOM’s findings also highlight the ongoing housing market recovery, with home values growing 11% in the latest buying season, reaching a median value of $350,000. Home equity levels remain high, offering a cushion for homeowners against foreclosure. Rob Barber, CEO of ATTOM, noted the general avoidance of the widespread property abandonment experienced after the late 2000s recession.

Stability in overall residential vacancy rates was observed, holding steady at 1.27% for the sixth consecutive quarter. The states with the highest vacancy rates include Oklahoma and Kansas, while New Hampshire and New Jersey maintain the lowest rates.

Further details in the report reveal that investor-owned home vacancies stand at 3.6% nationally. In terms of bank-owned, foreclosed homes, 15.9% are vacant, with the highest vacancy rates seen in Kansas and Michigan.

The report’s methodology involved analysis of county tax assessor data covering approximately 101 million U.S. residential properties, focusing on vacancy status differentiated by foreclosure and owner-occupancy.

For further information and details from the ATTOM report, readers are directed to the company’s official publications and announcements.

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