Sale of Vacant homes Hits Record High
29 April 2008
The Census Bureau in a report has shown that the volume of vacant houses that are coming up for sale is at a high of 2.9% of all US homes and that figure excludes rental properties. The last highest level was recorded way back 1956 and the figures are sending shivers to homeowners as they too may lose their homes in the coming months. Once exclusive properties have been turned into regular homes with prices hitting rock bottom and much of their allure gone. Doing the math, that amounts to a total of 2.28 million properties that are vacant and for sale in the whole United States from 2.18 million from the last quarter of last year. Global economists are finding the figures quite worrying and they are keeping a close eye on the matter. Figures of low house sales that palaces it at a 16 1/2 year low isn’t helping and people are truly worried. Construction firms who have been hit have cut back on their work in hopes of getting the housing industry to catch up are having to cut back more to remain in business.
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