Empty Homes Parade Across the U.S

February 02, 2011 / Russell Legato, Residential Property Analyst

In the United States, empty homes and for sale properties parade across the country as home- vacancy rates climbed to about 2.7 percent during the fourth quarter of 2010, because more residential properties are foreclosed by banks. The latest figures increased by about 2.5 percent from the third quarter last year, which is based on 2.1 million empty homes that are for sale out of the 7.4 million residences, according to the latest report from the Census Bureau.

Empty Homes Parade Across the U.S

The rating that shows and measures the public who owns their home declines about 66.5 percent, a 10- year low from about 66.9 percent for the last three months, said the report.

Measuring empty homes is a measure of the housing supply that consists of the supposed shadow inventory of residential properties, which are not listed with agents in the real estate market, like the bank-owned empty homes being held off the housing market.

According to Irvine, California- based data firm, RealtyTrac Inc., numerous lenders foreclosed a record- number of residential properties in September 2010.

Most of the banks may list the foreclosed properties with real estate agents and directly to home buyers or decide to held- off the empty homes until market stabilize.

In 2008, residential vacancy rated declined to a record- low of 2.9 percent, at the time when the U.S government took over American International Group Inc. and when the Lehman Brothers Inc. fall down.

Foreclosures are included as a part of the report from the Census Bureau, which tracks empty homes that is vacant for some other reasons, like renovations.

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