Real Estate Investing Information News

WASHINGTON - The percentage of unoccupied houses on sale in U.S have set a new record high in the first quarter of this year. The Census Bureau report showed that 2.9% of United States homes, excluding rental properties; were unoccupied / vacant and are up for sale, compared with 2.8% in the fourth quarter of 2007. It was the highest quarterly number in records going back to 1956, which works out to 2.28 million properties, up from 2.18 million in the same quarter last year, according to the report.

United States had the biggest gain in vacancy rates among home owners, climbing to 7 percent during Jan to Mar period from 6.5 percent in the fourth quarter of 2007. Vacancy rates fell in the Midwest and South, but climbed in the Northeast. The national vacancy rate, including existing and new houses, has been steadily increasing since mid-2005. The Census Bureau's report also said that the U.S. homeownership rate continued to be at 67.8% in the first quarter, down from a peak of 69.2% at the end of 2004. The housing market's five year boom is quickly becoming a faint memory, as sales and house prices have dropped dramatically over the past two years in once fast selling areas such as Nevada and California.