Vacant Homes Up 3 Million Since 2006

Posted on | November 28, 2008 | 4 Comments

The number of vacant homes or units in the United States has risen over three million since 2006.  A vacant unit is considered a unit in which no one is living in the time in which the US Census Bureau conducted it’s data.  A vacant unit may also be a unit which is entirely occupied by persons who have a usual residence elsewhere. Vacant units are excluded if they are exposed to the elements such as the walls, roof, windows or doors do not protect the interior from the elements.  The number of vacancies has increased from approximately from 15.5 million to 18.5 million units in since 2006.

Overall, the number of vacant units has steadily increased over the last 30 years, but has turned parabolic since the mortgage disaster.  The statistics of the entire range are a bit swayed as many individuals had second and third homes in the booming economy of the 1990′s but the issue today is a completely different story.  Vacant units are empty because no one is willing to buy them, not because they are being used as an investment vehicle.

Overall, the housing market is going to continue to get worse before it gets better.  Bargains are out there, but very few middle class Americans have the money to purchase them.  Until the unemployment rate slows down and more money is filtered into the economy from the consumer, the housing market will continue to struggle greatly.

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