Saturday, April 28, 2007

 

Home vacancy rate rises to record 2.8%

I thought it would help to put some numbers together with the pessimistic rhetoric.

Of 127.3 million housing units in the United States, 17.6 million were vacant at the end of the quarter, including 2.2 million vacant units that were for sale, 4 million for rent and 4.2 million seasonal homes. The number of vacant homes for sale has increased by 599,000 in the past year, up 38%.

Compared with a year ago, the housing stock increased by 1.9 million, with vacant units rising by 1.5 million and occupied units increasing by 415,000. [Emphasis added.]


I guess those vacation homes bought as investments aren't working out. Building inventory is an old story. As Bill O and I drove around the northside looking at homes for sale, quite a few of them being vacant, we couldn't help but wonder when prices were going to start falling. When does the capitulation begin?

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