City of St Louis Has Second Highest Vacant Property Rate In The U.S.

As of the end of September, in the city of St Louis, 7,265 of the 104,288 residential properties in the city were vacant, giving the city a vacant property rate of 6.97 percent, the 2nd highest of all the counties in the U.S., according to a newly released report by ATTOM Data Solutions.  The number of vacant properties in the city of St Louis increased 4.4% from the same time last year.  Baltimore Maryland had the highest vacant property rate at 8.14 percent.

As the table below shows, St Clair County, Illinois was the next St Louis area county on the list coming in at number 11, followed by Madison County, Illinois at #42, St Louis County at #47.

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St Louis Area Vacant Property Rate By County- 3rd Quarter 2017

St Louis Area Vacant Property Rate By County- 3rd Quarter 2017

More Than 100 Zombies In The St Louis Area!

“Zombie” is the name that has been given to vacant property which delinquent mortgages and destined for foreclosure, not but in foreclosure yet.  These properties are in a “no man’s land” so to speak, and often become an eyesore and a burden on the neighborhood as well as city located in.  As the table below shows (compiled from the ATTOM Data report), St Clair County, IL has the highest number of “Zombies” at 99 and also has the highest Zombie foreclosure rate at 14.39%.

St Louis Area Zombie Foreclosures By County- 3rd Quarter 2017

St Louis Area Zombie Foreclosures By County- 3rd Quarter 2017

 

 

 

St Louis Makes List Of Top Ten Metros In U.S. For Rate Of Zombies

That’s right, Zombies are very real and very present in St Louis…at least Zombie foreclosures that is!  That’s right.  According to a foreclosure zombie report just released this morning by RealtyTrac, St Louis made the list of “Top 10 Zombie Foreclosure Rates Among Major Markets”, coming in at number 6 on the list with 1 of every 1,627 housing units being a zombie foreclosure.  In the number 1 spot on the list was Tampa Florida where 1 of every 217 housing units is a zombie foreclosure (the complete list, and infographic, is below).

What is a Zombie Foreclosure?

Yet another new term that is common place in the real estate community now, but was not 10 years ago, is “Zombie Foreclosure”.  This term has been applied to homes whereby the homeowner is in default on their mortgage and headed to foreclosure but vacates the home prior to actually losing it in foreclosure.  This often results in the property becoming blighted while going through the process, and until the bank obtains ownership of the home, as no one is there taking care of it and the owner has given up.  Zombies are not good for neighborhoods nor home values of the surrounding homes.

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