Johnny Depp, famous for his role as Captain Jack Sparrow in Disney’s “Pirates of the Caribbean,” recently secured a $10 million loan to prevent foreclosure on his two homes in West Hollywood, California.
While Depp managed to avoid this financial crisis, many others face challenges keeping their homes. When people can’t afford mortgage payments, some end up abandoning their properties, a situation known as “zombie foreclosure.”
According to the second-quarter 2024 Vacant Property and Zombie Foreclosure Report by ATTOM, around 1.3 million residential properties across the U.S. stood vacant during that period.
Zombie foreclosures, where owners leave properties during preforeclosure, dropped by 20.6% compared to the previous year. These properties now represent a smaller fraction of the overall housing market.
ATTOM’s CEO Rob Barber noted that the expected surge in foreclosures post-moratorium didn’t happen. Instead, the housing market saw a decrease in abandoned properties. However, there are concerns that the housing market’s past gains might diminish, potentially leading to more foreclosures.
Despite a 4% drop in median home values nationally, the housing market had seen 12 years of price increases. Home values remain higher than a year ago, contributing to increased homeowner wealth and equity.
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