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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Wednesday, April 30, 2008
MIAMI - Housing prices in Miami are coming down quickly, a real estate broker said "I sit on the computer everyday waiting for a new listing. There isn't much coming up but a lot going down - lot of homes on the market are going down."The word "price reduction" is almost standard in every sign outside the yards, making it nearly impossible to judge what is a good deal, especially when you see how much prices are dropping.
At the peak of real estate market in the year 2004, home values rose on average $1,000 a week. So far this year the market is in a plunge and prices are dropping $1250 a week. A realtor blames the credit for the steady drop in price and banks now demand 20 to 30 percent down. He added "Unfortunately as much as the young people can afford the payments, which is a struggle, but more and more people can, it's hard for them to come up with the down payment"
At the peak of real estate market in the year 2004, home values rose on average $1,000 a week. So far this year the market is in a plunge and prices are dropping $1250 a week. A realtor blames the credit for the steady drop in price and banks now demand 20 to 30 percent down. He added "Unfortunately as much as the young people can afford the payments, which is a struggle, but more and more people can, it's hard for them to come up with the down payment"
posted by Webprofits
@ 5:43 AM
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