The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Live2Sail who wrote (136418)	7/25/2008 12:56:55 AM
From: Jim McMannis	Read Replies (2) of 306849

2.2 million vacant homes for sale money.cnn.com Census Bureau report shows percentage of vacant houses available for sale and of Americans who own homes were relatively unchanged in 2nd quarter. The percentage of vacant homes available for sale remained relatively flat in the second quarter, but still hovered in record territory. Some 2.8% of homes, excluding rental properties, were empty and on the market from April through June, according to Census Bureau figures released Thursday. The vacancy rate hit a record high of 2.9% in the first quarter of 2008. It was 2.6% a year ago. "They are still not showing a downward trend," said Christian Menegatti, U.S. lead analyst at RGEMonitor.com, an economic research and consulting group. "That's the bad news. The numbers are telling us that prices have to fall more." Just under 2.2 million empty homes were for sale in the most recent quarter. The vacancy rates for homes built in April 2000 or later was 9.8%, more than triple that of houses constructed earlier. Builders capitalized on the boom in home prices and demand earlier this decade, Menegatti said. Many of those houses now are standing empty. "There was a lot of reckless construction exploiting the fact that prices were going up," he said. "Suburban areas were flooded with new construction in locations that were commuter-unfriendly. Now those are suffering the most."

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