Really Empty NestsBy
Consultant Bill Conerly tips us off on his Businomics blog http://businomics.typepad.com/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.