Number of U.S. Zombie Homes Falls Significantly in Q3

Irvine, CA, October 8, 2015—Twenty-thousand-and-fifty U.S. residential properties in the foreclosure process—but not yet repossessed by the foreclosing lender—were vacant “zombie” homes as of the end of the third quarter of 2015, down 27% from the previous quarter and down 43% from a year ago, according to RealtyTrac’s Q3 2015 U.S. Zombie Foreclosure and Vacant Property Report.

Vacant residential properties in the foreclosure process accounted for 1.3% of all vacant U.S. residential properties, with bank-owned homes (REO) accounting for another 1.9% of all vacant properties as of the end of the third quarter.

The report shows a total of 1.5 million (1,500,456) vacant U.S. residential properties, 1.8% of all 84.7 million U.S. residential properties. Among the 1.5 million vacant residential properties, 36.5% have at least one open loan and 6.2% are seriously underwater, meaning the combined value of loans secured by the property is at least 25% more than the estimated market value of the property.