2.2 Million Vacant Homes For Sale
The percentage of vacant homes available for sale remained relatively flat in the second quarter, just a notch above the rate for the first quarter of 2008 and for the comparable period a year ago.
The nation’s homeownership rate, meanwhile, also stayed relatively stagnant at 68.1%.
Some 2.8% of homes, excluding rental properties, were empty and on the market from April through June, according to Census Bureau figures released Thursday. The vacancy rate hit a record high of 2.9% in the first quarter. It was 2.6% a year ago.
Just under 2.2 million empty homes were for sale in the most recent quarter. The south had the highest vacancy rate at 3.2% and the northeast had the lowest at 1.9%.
Congress and the Bush administration are scrambling to stabilize the troubled housing sector, which is roiling financial markets worldwide. The House Wednesday approved a bill offering up to $300 billion in assistance to strapped homeowners. Lawmakers also approved Treasury Secretary Henry Paulson’s plan to back mortgage finance companies Fannie Mae and Freddie Mac. The Senate is expected in coming days to take up the legislation, which President Bush has said he will sign.
Credit: CNN News
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Here is another article about existing home sales dropping more than expected in the month of June. Rough times for America this summer. Percentage of existing home sales dropping.
July 24th, 2008 at 10:11 pm
How are sales in the Greater Tucson area. We are seeing quite an up turn in the Phoenix market. The areas that have been hardest hit price wise, Queen Creek and Surprise, are seeing a lot of sales. This tells me that the prices have dropped to a point where demand is rising quickly. If nothing dramatic happens we should see some price stability in these markets as they find an equilibrium point. Are you see the same thing in Tucson?