RealtyTrac was out this morning with its latest housing foreclosure report:
IRVINE, Calif. – May 19, 2016 — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its Q2 2016 U.S. Residential Property Vacancy and Zombie Foreclosure Report, which shows nearly 1.4 million (1,398,046) U.S. residential properties (1 to 4 units) representing 1.6% of all residential properties were vacant as of May 2016, up 2.7% from the previous quarter when 1,361,628 U.S. residential properties were vacant.
The report also shows that 19,187 U.S. residential properties actively in the foreclosure process were vacant (zombie foreclosures), representing 4.7% of all residential properties in foreclosure — down 3.1% from the previous quarter and down 30.1% from a year ago.
“Lenders have been taking advantage of the strong seller’s market to dispose of lingering foreclosure inventory over the past year, evidenced by 12 consecutive months of increasing bank repossessions ending in February and now evidenced by these numbers showing a sharp drop in vacant zombie foreclosures compared to a year ago,” said Daren Blomquist, senior vice president at RealtyTrac. “As these zombie foreclosures hit the market for sale they are providing a modicum of relief for the pressure cooker of escalating prices and deteriorating affordability that have defined the U.S. housing market in recent years.”