Friday, May 9, 2008
WASHINGTON - The percentage of vacant houses on sale in the United States set a new record high in the first quarter of 2008. The Census Bureau report showed that 2.9% of U.S. homes, excluding rental properties; were vacant and up for sale, compared with 2.8% in the fourth quarter of 2007. It was the highest quarterly number in records going back to 1956. That works out to 2.28 million properties, up from 2.18 million in the same quarter last year, according to the report.
U.S had the biggest gain in vacancy rates among home owners, rising to 7% during January to March period from 6.5% in the fourth quarter of 2007. Vacancy rates fell in the Midwest and South, but climbed in the Northeast. The national vacancy rate, including new and existing homes, has been steadily increasing since mid 2005. The Census Bureau's report also said that the U.S. homeownership rate remained at 67.8% in the first quarter, down from a peak of 69.2% at the end of 2004. The housing market's five year growth is quickly becoming a faint memory, as sales and house prices have dropped dramatically over the past two years in once hot sales areas such as Nevada and California.
U.S had the biggest gain in vacancy rates among home owners, rising to 7% during January to March period from 6.5% in the fourth quarter of 2007. Vacancy rates fell in the Midwest and South, but climbed in the Northeast. The national vacancy rate, including new and existing homes, has been steadily increasing since mid 2005. The Census Bureau's report also said that the U.S. homeownership rate remained at 67.8% in the first quarter, down from a peak of 69.2% at the end of 2004. The housing market's five year growth is quickly becoming a faint memory, as sales and house prices have dropped dramatically over the past two years in once hot sales areas such as Nevada and California.
posted by Webprofits
@ 12:46 AM
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