What Does THIS Mean To You?

The number of vacant homes for sale in the United States set a new record in the first quarter of 2008, the U.S. Census Bureau reported Monday.The Census Bureau reported that 2.9 percent of U.S. homes or 2.28 million properties, not including rentals, were vacant and for sale. It was the highest quarterly number as far back to 1956 when records of such vacancies were first kept.

The West had the biggest gain in vacancy rates among home owners, rising to 3.2 percent in the January-March period from 2.6 percent in the same quarter a year earlier. Vacancy rates inched up in the Northeast and remained steady in the Midwest and South.

Source: The Associated Press, Alan Zibel (04/28/08)

I suppose this reflects the uptick in foreclosures and other distressed situations. I also assume this implies that there are that many more motivated sellers. Unfortunately, it also implies that many more REO (bank-owned) properties are sitting there. And we know how difficult it can be to get some of those financial institutions to perk up and respond to an offer on those vacant properties rather than let them sit and decay...