In a recent report, RealtyTrac analyzed U.S. residential property and vacancy rates in the first quarter of 2016.
The cities with the five most vacant rates were: Flint, Mich.; Detroit-Warren-Dearborn, Mich.; Youngstown-Warren-Boardman, Ohio-Pa.; Beaumont-Port Arthur, Texas; and Atlantic City-Hammonton, N.J.
The top five cities with the lowest vacancy rates were: San Jose-Sunnyvale-Santa Clara, Calif.; Fort Collins, Colo.; Manchester-Nashua, N.H.; Provo-Orem, Utah; and Lancaster, Pa.
Among the findings of the RealtyTrac report was that nationwide, zombie foreclosures decreased 4 percent from a year earlier, but continued to increase in number in a minority of markets. These markets were chiefly those known for a high number of blighted properties or a protracted foreclosure process, the company noted.
“The report’s chief takeaway for housing developers is that markets with razor-thin vacancy rates below 1 percent are prime markets for developers to target, both for owner-occupant housing as well as rental housing,” RealtyTrac Vice President Daren Blomquist said in a news release.
Among RealtyTrac’s findings was that in the Ohio markets — among them Columbus, Dayton and Cincinnati — occupancy demand is fueling a seller’s market for residential and commercial real estate.