Home Vacancies Hurting Housing Market

April 1, 2011 by  
Filed under Home Vacancies Hurting Housing Market

Home Vacancies Hurting Housing Market

The Census bureau has quoted the national vacancy rate at 11.4%, meaning more then 10% of houses in the country are unoccupied.  Of course, in tough economic times, people are having to foreclose on their houses and so, most of the houses in the statistic represent exactly that.

http://media.cnbc.com/i/CNBC/Sections/News_And_Analysis/_News/_SLIDESHOWS/Homeowner%20Vacancy%20Rates/home_vacancy_rates_cover.jpg

The more vacant homes, the more pressure on home prices as houses sit on the market, and depressing the resale value of any home over time.  Maine and Vermont lead the way with more then 20 % of homes unoccupied.  At the opposite end of the spectrum, Connecticut has a home vacancy rate of just 7.9%.

But there’s a glitch in the number.  When the census takes inventory, they count summer homes, second homes, vacation homes, and temporary houses as unoccupied, even though they are only unoccupied for periods of time.  The houses do in fact, have owners, and are thus paid for, or being paid for.  So in reality, the amount of homes unoccupied is actually less then the census has stated, meaning, perhaps the housing market isn’t as terrible as once previously thought.

Housing Assist Coldwellbanker