Beth Silva

PDX Living and Real Estate

11% of American Homes are Vacant! Mass Panic Ensues February 2, 2011

Filed under: bank owned,Economy,foreclosure,inventory,market,recession — bethsilva @ 4:40 pm

But 11% is only a tad bit higher than the average number of homes that are vacant over the last several decades. And it includes rental properties, which always have higher vacancy rates. Right now, about 2.7% of would be owner occupied homes are vacant, which is a really low number, considering how many bank owned and short sale homes are on the market across the country.  While we would all hope that the vacant houses that are on the market now get sold, and lovely families move in with puppies and babies, it is unlikely that this will happen quickly. Also, investors are seeing more cash available, so they are buying houses to rent and flip, but they aren’t being lived in while work is being done, or between renters. So lots of houses will remain vacant, and deteriorate while in that state, and new building is not happening, so we could see a shortage of inventory in 2-4 years. Not anything to worry about now.

Source: Boing Boing

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