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Really Empty Nests

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May 02, 2007

Really Empty Nests

Chris Palmeri

Consultant Bill Conerly tips us off on his Businomics blog to the growing number of homes sitting empty.

Vacancy rates for homes have bumped around 1.5% for two decades. But in the past year the vacancy rate has jumped to nearly 3%. Conerly figures that's an extra 800,000 homes sitting empty. Couple that with the still abnormally-high number of apartment vacancies (700,000) and new housing starts (1.5 million) and he figures the country now has three million units of housing stock available, a roughly 7.5 year supply.

08:17 AM

Investing in Real Estate

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Do you mean a 7.5 MONTH supply???

Posted by: Brandon W at May 3, 2007 08:32 AM

Wait... nevermind. I read the Businomics blog and that clarified where you're getting 7.5 years from. What you should say is: at current construction rates, we have a 7.5 year over-supply of housing to work off.

That's a lot.

I figure median home price needs to drop about 25% to get back to historical norms. More in some areas, less in others.

Posted by: Brandon W at May 3, 2007 08:40 AM

They're collectibles. Just look how many Oprah owns.

Posted by: Lord at May 3, 2007 02:55 PM

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