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Vacant property rate decreases in Q3

Posted by The Aramco Group on Tue, Oct 31, 2017 @ 14:10 PM

Nearly 1.4 million residential properties in the U.S. sat vacant at the end of the third quarter – approximately 1.5 percent of all homes nationwide. ATTOM Data Solutions released its 2017 U.S. Residential Vacant Property and Zombie Foreclosure Report this week which shows the vacant property rate fell from 1.63 percent last year to 1.58 percent in 2017.

The year-over-year decrease is being attributed to the ongoing housing shortage.

"Zombie foreclosures have dwindled dramatically over the last four years as a supply-starved housing market has soaked up even some of the most highly distressed properties," according to Daren Blomquist, senior vice president at ATTOM.

The report references vacant "zombie" pre-foreclosure properties – which are homes that have entered the foreclosure process but have yet to be repossessed by the lender. These zombie properties decreased by 22 percent from last year to 14,312, a new low. Today, conforming no-point 30-year fixed mortgage rates are averaging 4 percent and 15-year rates are near 3.25 percent.

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