Bloomberg is reporting that, despite so many options for homeowners to avoid foreclosure, the market is correcting itself and the results are not pretty. According to the US Census Bureau, vacant homes are increasing and the rate of ownership is decreasing. In fact the rate of ownership now stands at 66.9%, the lowest level since 1999. Vacant homes stand at 19 million. There is an estimated 128 million homes in the USA so almost 15% today stand vacant.
I will confirm that the Census Bureau is actively attempting to get their arms around the status of vacant homes. Hardly a day has gone by since April where we do not field at least one call from a Census worker wanting to know about a bank foreclosure we have listed. They confirm if it is a foreclosure and if we know if it was vacant on April 1. I suspect this census information will ultimately be the best insight available as to the total devastation in the housing market and more specifically, where the markets are in the worst shape.
Tags: Bank Owned, Foreclosures, Ownership, Vacant Homes, Wilmoth
