U.S. level of vacant homes is “extraordinary”: Fed’s Duke
Reuters – 2 hours 40 minutes ago
WASHINGTON (Reuters) – The housing bust has saddled the United States with an “extraordinary” level of abandoned properties that inflict heavy costs on the wider community and government aid may be needed to tackle the problem, a top U.S. central banker said on Friday.
Quoting Census Bureau data, Duke said vacant homes for sale had fallen to [...]
There are 4.1 million VACANT homes for rent, plus 2 million VACANT homes for sale. Add in 1.61 million homes that are seriously delinquent and/or pending foreclosure. The sum total is just over 7.7 million.
That does not even include homes banks have already foreclosed on that they have not put on the market.
Needless to say current supply far excedes demand.
Source of data: Charts on pages 6 and 10 on the [...]
Currently there are 6.1 million VACANT homes across the U.S. That includes both VACANT homes currently for sale and rent. It does NOT include the shadow inventory of foreclosed homes banks have not put on the market yet or will soon be foreclosed on.
Currently the bank shadow inventory is 1.61 million homes. Add the numbers together and the US has approx. 7.71 million homes in need of occupants.
Source of data:
That is over 7.7 million VACANT or soon to be VACANT homes in the U.S. because it does NOT even include foreclosed homes banks are sitting on that they have not put on the market, so it will still be a long time before the real estate market gets back to normal.
Source of data: