Empty Homes on the Rise
The U.S. Census Bureau stated today that the share of U.S. homes owned but sitting empty edged up in the first quarter to a record high 2.9 percent.
This was the third consecutive quarter in which the homeowner vacancy rate rose, reflecting the difficulty homeowners are having selling homes amid the deep U.S. housing slump. The rate stood at 2.8 percent in the final quarter of last year.
At the same time, the U.S. homeownership rate moved up to a seasonally adjusted 67.9 percent from a near seven-year-low of 67.7 percent in the fourth quarter, the Bureau reported.
Published on April 28, 2008
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