Vacant Homes Portend Weak Housing Market
According to the latest government reports, the number of vacant homes for sale rose in the third quarter. The numbers cast a harsh shadow, indicating a continued weakness of the housing market. The Census Bureau report puts the number of vacant homes for sale at 2.07 million in the period, up about 2 percent from the second quarter, and 7 percent above year ago levels. However, the number is down 5 percent from the record high reading reached in the first quarter. There are always some homes vacant and for sale, even in a booming real estate market. But the combination of overbuilding by home builders in the middle of the decade and problems in mortgage markets this year that made it more difficult for buyers to get the financing they needed to buy a home has swelled the inventory of vacant homes on the market.
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