10/15/2024
Hawaii has the least rise in "zombie foreclosures" than any other state. The zombies-— U.S. homes in the process of foreclosure that are sitting empty — rose from the second to the third quarter, except Hawaii, according to a report from Attom Data Solutions.
The report found that 7,961 homes, or 3.7% of the 215,886 U.S. homes that are in the process of foreclosure, are zombie foreclosures, an increase from 3% in the second quarter. Despite that, it’s still a tiny percentage of the 99.4 million homes in the U.S.
In Hawaii, just seven of 173 pre-foreclosure homes were vacant, but that amounts to 4.05%, which was a decrease from 5.24% in the second quarter and 5.38% in the third quarter of 2019. Hawaii has a total of 421,083 residential properties, according to Attom Data Solutions’ data.
Overall the percentage of homes in Hawaii that were vacant in the third quarter is virtually unchanged from a year ago, according to the report, which found 1.57 million residential properties, or 1.58% of all homes in the United States, are vacant. That was an increase from 1.5 million properties, or 1.52% in the second quarter, and 1.53 million, or 1.55%, during the third quarter of 2019.
The report notes that the federal government has been trying to protect the housing market during the Covid-19 epidemic with a temporary prohibition foreclosures of government-backed mortgages, which affects about 70% of homes in the U.S., but that is set to expire on Monday.
"Abandoned homes in foreclosure remain little more than a spot on the radar screen in most parts of the United States, posing few, if any, problems from neighborhood to neighborhood. But the latest numbers do throw a small potential red flag into the air, given the increase in the percentage of zombie foreclosures," Todd Teta, chief product officer at Attom Data Solutions, said in a statement.
Reported Janis L. Magin – Senior Editor, Pacific Business