18.6 Million Vacant Homes.

By sonoran • August 2nd, 2008

The Census Bureau indicates 18.6 million homes sitting vacant nationwide
The second quarter was a new record for vacant home.  This includes foreclosed homes, rentals and homes undergoing improvements. 

Of that amount above 4 million are rentals.  The amount of vacant foreclosures increased but many are selling.  41% of the home sold in Maricopa County in June 2008 were foreclosure homes.

The report goes on the indicate that these numbers are up 6.9% over last year.

This shadow market and vacant home market is having an affect on rental rates in Greater Phoenix.  The pressure on pricing is high but the demand is quite strong keeping rental rates steady if not increasing.


 

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