Orlando Real Estate - Blog

Record 19 Million Empty Homes

The number of empty homes — for sale or rent — has hit a record 19 million, the U.S. Census Bureau reports.

As foreclosures mount and banks seize properties, the number of them sitting empty rose by 6.7 percent from the fourth quarter of 2007. The number of homes for sale rose to 2.9 percent of all homes, the highest since the agency began tracking data in 1956.

Home ownership, meanwhile, has fallen to 67.5 percent, a low not seen since the housing boom began in early 2001.

Already, one in five home sales were due to a foreclosure in 2008, according to real estate Web site Zillow. Another 11 percent were short sales, where the bank voluntarily gives up principal in order to move the property to a buyer.

Up to one-third of borrowers who see a decline of 20 percent or more will eventually abandon their homes, predicts real estate expert Norm Miller at the University of San Diego.

We're already there. The latest S&P/Case-Shiller housing price index shows prices fell 18.2 percent in the year ending in November, the latest report available. The 10-city index declined 19.1 percent.

"When you're underwater and prices continue to fall, you tend to walk," Miller told Bloomberg News.

"It's a downward spiral that's tough to stop because it feeds on itself. Foreclosures encourage other foreclosures and falling prices discourage buying." complete story

Source: MoneyNews.com - Greg Brown

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Posted by Orlando Realty Experts on February 5th, 2009 8:06 PMPost a Comment (0)
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