Homes in Foreclosure Process Jump 16.6% Year-on-Year
According to the third-quarter 2023 Vacant Property and Zombie Foreclosure Report from ATTOM, there are 315,425 residential properties in the process of foreclosure in the third quarter of this year, an increase of 1.3% from the second quarter of 2023 and a jump of 16.6% from the third quarter of 2022.1
About 8,800 of those pre-foreclosure properties are vacant as zombie foreclosures in the third quarter of 2023, up 0.3% from the prior quarter and up 13.9% from a year earlier. As the Coronavirus pandemic struck in early 2020, lenders were prohibited from pursuing delinquent homeowners. Those restrictions were lifted in mid-2021, putting a growing number of homeowners at risk of foreclosure.
“That’s to be expected, as a handful of homeowners who can’t catch up on overdue mortgage payments just walk away from their properties,” said Attom CEO Rob Barber.
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