Market update June 11, 2015: Mortgage applications, 'zombie' foreclosures and more

Mortgage applications for new home purchases decreased 9 percent month over month in May 2015 from April 2015.
Conventional loans comprised 67.4 percent of loan applications.
FHA loans comprised 19.1 percent of loan applications.
RHS/USDA loans comprised 1.2 percent of loan applications.
VA loans comprised 12.3 percent of loan applications.
The average loan size of new homes increased from $315,670 in April 2015 to $320,744 in May 2015.

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The number of owner-vacated “zombie” foreclosures at the end of the second quarter stood at 127,021, representing a 10 percent decline in volume compared to the second quarter of 2014.
Zombie foreclosures account for roughly 1 in 5 properties in foreclosure nationally.
The estimated market value of an owner-vacated foreclosure is nearly $196,000, 22 percent below the average estimated market value of an owner-occupied foreclosure.
During the second quarter, the number of zombies decreased by 28 percent in Chicago and 46 percent in Miami — the largest decrease of any metro.
Of the nation’s top 20 cities, 10 saw a decline in zombie volume in comparison to the second quarter of 2014. Dallas (27 percent decline), Atlanta (33 percent decline) and Phoenix (14 percent decline) represent some of these cities.
On the flip side, 10 major metros saw a rise in zombie volume — led by San Diego/Carlsbad, a 292 percent increase, and Southern California’s Inland Empire, a 165 percent spike.
Out of the 183 metro areas RealtyTrac covers, 91 reported an increase in zombie volume.
The highest zombie rates among these 183 areas were found in Atlantic City, New Jersey (1 in 130 housing units); Trenton, New Jersey (1 in 166 housing units); Tampa, Florida (1 in 218 housing units); Binghamton, New York (1 in every 260 housing units); and Ocala, Florida (1 in every 262 housing units).