Florida's empty home rate is highest in US

[marmar]

Florida's empty home rate is highest in US
By admin | March 22, 2011 5:37 AM EDT


Florida has roughly half the population of California, but more vacant houses. In fact, Florida, has more vacant houses — 1,567,778, more than one out of every six — than any state in the country.It's a dire statistic offered up last week by the U.S. Census Bureau's 2010 survey.

The data reinforce how the Sunshine State got so grossly overbuilt, how many people lost their houses to foreclosure, and how many simply walked away from homes. Now that the pace of state population growth is more modest, it will take a good long while for these empty homes to be absorbed by new households.

In all, 17.5 percent of the homes in the state are vacant, according to the 2010 census survey. The census took a snapshot of occupied and vacant housing in this country as of April 1 last year. That statewide vacancy rate is up 34 percent from 2000 when the last big census survey was conducted.

Some parts of Florida are emptier than others.Some small-population counties have huge home vacancy rates, the census survey found. Along the Panhandle coast near Port St. Joe, for example, Franklin and adjacent Gulf County suffered 51 and 41 percent vacancy rates, respectively.Among more populated counties in the state, southwest Florida is ground zero for vacancies. At the top of the list is Collier County, home to upscale Naples, where one of every three homes is vacant. Right behind are Lee (Fort Myers), Charlotte (Port Charlotte) and Sarasota counties. ...............(more)

The complete piece is at: http://www.ibtimes.com/articles/125417/20110322/floridas-empty-home-rate-is-highest-in-us.htm#ixzz1HWWJm5dp

[Yavin4]

1. De-Regulation At Its Finest

When you don't restrict housing developments, this is what you get.

[Shagbark Hickory]

3. Well florida development was very very very regulated.

I don't think you can say that's the reason.
Unlike where I live for example where you can build pretty much what-ever and where-ever you please.

This is more of a case of overhyping a real estate market, loaning money to people who couldn't afford a half million dollar home overlooking the 9th hole, or a $1000000 condo.

The only kind of regulation that would control this is to control the rate at which housing can appreciate, control the cost of housing, and restrict who gets mortgage loans. For example, people that can afford the property they are buying.

This puts an end to speculation, flipping, HGTV viewers and other get-rich-quickers that drive up the cost of housing and create bubbles.

[ixion]

2. part of the slow-motionn train wreck in progress

I'm sad to say. :(

[madrchsod]

4. there`s an auction channel on dish that sells florida real estate

welcome to florida! we`ll sell you a home or condo over the tee-vee!

[HockeyMom]

5. You can buy a foreclosure condo in Naples for around $35,000

Buy a Florida condo or a brand new car? Apparently, people are buying the car.

[QC]

7. You can sell the car later, if you have to.

The condo, probably not.

[blm]

6. Thank you Jeb Bush.

.

[FLPanhandle]

8. They are counting in vacation and season rental homes in this count

For example, Port St. Joe is showing a 51% vacancy rate. That's true in the winter, but come summer it can be hard to find a place on VRBO. Even with that 51% vacancy, try and buy a cheap home on Cape San Blas right now.

I'd like to see the numbers w/o vacation, snowbird, and seasonal homes included. It would still be high, but not over-inflated.