Vacant Zombie Property Rate In U.S. Steady

Real Estate

2020 Vacant Property and Zombie Foreclosure Report showing that 1.5 million (1,507,815) residential properties in the United States are vacant, representing 1.5 percent of all homes.

The analysis shows that about 258,000 homes are in the process of foreclosure, with about 7,650, or 3 percent, sitting empty as so-called ‘zombie foreclosures’ in the second quarter of 2020. The percentage of zombie foreclosure properties is down slightly from 3.1 percent in the first quarter of 2020.

The total count of properties in the process of foreclosure (258,024) in the second quarter is down 8.8 percent from the first quarter of 2020 (282,767).

The 7,652 zombie properties represent just one of every 13,000 homes in the nation’s stock of 99.2 million residential properties.

The second-quarter 2020 foreclosure and zombie property numbers have dropped since the first quarter amid a federal prohibition against lenders foreclosing on government-backed mortgages until at least June 30, 2020. The ban, which affects about 70 percent of home loans in the United States, was enacted under the CARES Act passed by Congress in March of this year and then extended this month to help borrowers affected by the national Coronavirus pandemic.

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