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.

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