Hollywood star Johnny Depp escaped a situation that many Americans cannot avoid.
Last year, the actor, known for his iconic role as Captain Jack Sparrow in Disney’s “Pirates of the Caribbean” franchise, took out a $10 million loan to save his two homes in West Hollywood, California, from foreclosure.
However, most people do not have the financial resources to save their homes if they run into trouble, and many abandon them when they can no longer afford their mortgage payments – a practice known as zombie foreclosure.
According to the ATTOM Vacant Property and Zombie Foreclosure Report for the Second Quarter of 2024, approximately 1.3 million homes were vacant in the United States in the second quarter, about the same as the previous quarter.
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The number of foreclosures due to zombies – properties abandoned by the owners before the foreclosures – fell 20.6% from a year ago to 6.94. Zombie homes represent an increasingly smaller share of the country’s total housing stock, accounting for one in every 14,724 homes in the US. That’s down from one in 13,905 in the previous quarter and one in 11,577 a year ago, the lowest level since early 2021.
“Predictions of a huge spike in foreclosures after the moratorium, with the possibility of a rise in zombie properties, never materialized. The opposite has happened, as abandoned homes across the country are becoming increasingly difficult to find. ‘, says ATTOM CEO Rob Barber. “Over the past year, some signs have emerged that the long US housing boom is giving back some of its gains, which could lead to declining equity and more foreclosures. We are far from losing the benefit of zombie properties almost disappearing from the market. the housing market landscape.”
The number of zombie properties fell after the housing market saw price increases for twelve years. The median home value nationally fell 4% to $330,000 in early 2024, but was still 3% higher than a year ago. Home values have increased annually since 2012, more than doubling.
The gains have pushed homeowners’ wealth to historic levels. Nearly 95% of homeowners paying off a mortgage have built up at least some equity, and nearly 50% own less than half the appraised value of their properties.
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This article Johnny Depp Escapes Hollywood Horror: $10 Million Lifeline Saves Homes as Millions Face the Fate of Zombie Foreclosure originally appeared on Benzinga.com
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