With millions of foreclosures to come…
By: Diana Olick
Homeownership is falling at an alarming pace, despite the fact that home prices have fallen, affordability is much improved and inventories of new and existing homes are still running quite high.
Bargains abound, but few are interested or eligible to take advantage.
More concerning than the home ownership rate is the vacancy rate. The Census tables don’t tell the entire story, but they tell a lot of it. Of the nearly 131 million housing units in this country, 112.5 million are occupied. 74.8 million are owned, and that’s only dropped by about 30 thousand in the past year. 38 million are rented, but that’s up by over a million year over year. That means more new households are choosing to rent.
Now to vacancies. There were 18.4 million vacant homes in the U.S. in Q4 ’10 (11 percent of all housing units vacant all year round)…
Younger Americans have seen what home ownership has done to their friends and families, and many want no part of it.
You can read the full report here…
So I ask you this.
What is the end game in all this?
How many vacant homes do we need for this madness to stop?
And when will the people of this nation stand up an say enough is enough?