Atlantic City, N.J., has the fifth worst vacancy rate in the U.S, according to RealtyTrac.
RealtyTrac in a report released Thursday said the Atlantic City area had the fifth highest vacancy rate among U.S. metropolitan areas in early February.
The Southern New Jersey territory has 4,191 vacant properties and a 3.7% vacancy rate. There were 249 properties in foreclosure for a 5.9% rate with 106 vacant bank-owned parcels, the data shows.
The negative real estate figures by RealtyTrac come when Atlantic City is on pace to run out of the ability to pay its bills by April 1 absent a state rescue package, according to a Jan. 21 report from former emergency manager Kevin Lavin.
City officials had planned to discuss filing for bankruptcy protection on Jan. 26 before New Jersey Gov. Chris Christie announced that new legislation would be introduced in February that would grant the state five-year power over Atlantic City finances that includes an ability to restructure municipal debt. Four of the Jersey Shore community's 12 casinos were shuttered in 2014.
Atlantic City rated just ahead of Beaumont, Texas, which has the fourth highest vacancy rate at 3.8%, according to RealtyTrac. Flint, Mich., measures the highest for property vacancies at 7.5% followed by Detroit at 5.3% and Youngstown, Ohio, at 4.4%.
