18.7 Million Homes Sit Vacant…………..

Posted By on July 25, 2009

This is an astonishing datapoint:

“There were 18.7 million vacant homes in the U.S. during the second quarter as the steepest recession in 50 years sapped demand for real estate and banks seized properties from delinquent borrowers.

The number of vacant properties, including foreclosures, residences for sale and vacation homes, was little changed from 18.6 million a year earlier, the U.S. Census Bureau said in a report today. Households that own their own residence stood at 67.4 percent, seasonally adjusted.  The record high was 69.2% in the last quarter of 2004. For comparison’s sake, in 1965 the rate was 65.3%.

Home values dropped 33 percent since 2006, according to the S&P/Case-Shiller index, and the unemployment rate in June rose to the highest in almost 26 years. Tumbling home prices and rising job losses have thwarted government efforts to reverse the housing decline at the heart of the longest U.S. recession since the 1930s.”

     More……..http://www.ritholtz.com/blog/2009/07/near-record-home-vacancies-in-us/

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