U.S. Housing Market Crash Real Story as Home Vacancies Hit 19 Million

[Crewleader]

Housing-Market / US Housing Jul 24, 2009 - 06:37 PM

By: Mike_Shedlock

Bloomberg is reporting U.S. Home Vacancies Hit 18.7 Million on Bank Seizures.




More than 18.7 million homes stood empty 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. The quarterly homeownership rate was 67.3 percent, seasonally adjusted.

More than 14 percent of homes were vacant in the period, the Census said. 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.

There were 130.8 million homes in the U.S. in the second quarter, the Census Bureau said. In addition to the 1.9 million empty properties for sale, the report counted 4.4 million vacant homes for rent and 4.6 million seasonal properties that are only used for part of the year.

http://www.marketoracle.co.uk/Article12277.html

[izquierdista]

1. So many empty homes!

You'll have to look far and wide to find a homeless person.

[grasswire]

2. and yet the number of homeless is soaring....

...AND rental vacancies are high, too. People are doubling up. Why don't landlords figure this out and start cutting rents? It's more profitable to keep a place rented for less rent $ than it is for the dwelling to stand empty with no revenue generated, but landlords are still asking high rents.

Tenants! Renters! Demand lower rents in this marketplace!

Solidarity!