High residential vacancies are killing many housing markets, as foreclosed homes sit on the market and depress sale prices and property values.
And it's only getting worse: The national vacancy rate crept up to just over 13% according to last week's decennial census report. That's up from 12.1% in 2007.
"More vacant homes equal more downward pressure on home prices," said Brad Hunter, chief economist for Metrostudy, a real estate information provider.
This is according to CNN. In some states, the vacancy rate is much higher.
However, as one person put it, if you own five homes and are only residiing currently in one, that means the other four are "vacant".
Wouldn't it be nice? Many former homeowners would be glad to just have one. But, the rich are getting richerand richer, and the middle class for the most part are now the new poor.
And the poor, oh, let's not even go there. Some of us care, but apparently not Wall Street or even Congress. They just want them to all go away.................somewhere, far, far away.
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