One In Nine US Homes Is Empty
Unprecedented number of U.S. homes vacant
"WASHINGTON, April 11 (UPI) -- One in nine homes in the United States is vacant, an unprecedented number weighing on the nation's real estate market, industry experts say.
USA Today reported Saturday that the shear number of homes not being lived in will affect the real estate -- and rental -- market for years to come.
The newspaper noted that bargain prices in some areas of the nation are attracting first-time buyers. Moreover, the availability of rental housing increase, potentially pushing down the cost of renting.
Experts say too many homes were built in recent years, before the U.S. economy slumped.
"We overproduced by 1 million new units," said Edward Glaeser, economist at Harvard University. "Now we have to work our way through the stock."
As for the 14 million empty houses, condominiums and apartments, and the 9.4 million units that are for sale, Glaeser said it will take two more years for the supply to line up with demand.
"From a pure need for shelter, we don't need more homes built for the next several years," says John Burns, head of John Burns Real Estate Consulting in Irvine, Calif. "We clearly overbuilt."
"WASHINGTON, April 11 (UPI) -- One in nine homes in the United States is vacant, an unprecedented number weighing on the nation's real estate market, industry experts say.
USA Today reported Saturday that the shear number of homes not being lived in will affect the real estate -- and rental -- market for years to come.
The newspaper noted that bargain prices in some areas of the nation are attracting first-time buyers. Moreover, the availability of rental housing increase, potentially pushing down the cost of renting.
Experts say too many homes were built in recent years, before the U.S. economy slumped.
"We overproduced by 1 million new units," said Edward Glaeser, economist at Harvard University. "Now we have to work our way through the stock."
As for the 14 million empty houses, condominiums and apartments, and the 9.4 million units that are for sale, Glaeser said it will take two more years for the supply to line up with demand.
"From a pure need for shelter, we don't need more homes built for the next several years," says John Burns, head of John Burns Real Estate Consulting in Irvine, Calif. "We clearly overbuilt."
posted by nolocontendere at 11:05 PM
2 Comments:
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well as they say, all of this is controlled. each economic cycle. spin spin spin like the clothes in my washing machine. the resources (in this instance, the homes) are available as is the willingness of the people (in this case, the homeless).
what is stopping the two from coming together? money and credit.
who is stopping the two from coming together? the banks.
i know, preaching to the choir. just gets me fired up is all when the solution is RIGHT THERE.
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