Friday, May 9, 2008
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.
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.
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Wednesday, April 30, 2008
MIAMI - Housing prices in Miami are dropping down quickly; a real estate agent said "I sit on the computer everyday waiting for a new listing. There isn't much coming up but a lot going down, lot of homes on the market going down." The word "price reduction" is almost seen in every sign outside the homes, making it impossible to judge what is a good deal, especially when you see how much prices are plunging.
At the peak of real estate market in 2004, home values went up on average $1,000 a week. And this year the market is in a plunge and prices are dropping $1250 a week. A real estate agent blames the credit for the steady drop in prices and banks now demand 20 to 30% down. He said, "Unfortunately as much as the young people can afford the payments, which is a struggle, but more and more people can, it's hard for them to come up with the down payment"
At the peak of real estate market in 2004, home values went up on average $1,000 a week. And this year the market is in a plunge and prices are dropping $1250 a week. A real estate agent blames the credit for the steady drop in prices and banks now demand 20 to 30% down. He said, "Unfortunately as much as the young people can afford the payments, which is a struggle, but more and more people can, it's hard for them to come up with the down payment"
posted by Real Estate Agent @ 5:46 AM permanent link | Post a Comment | 0 comments