OB Rag Blog

Grassroots and Progressive views on local, national and world
news

Home

About

Contact

Old Rags

History

Letters

Archives

Links

Ocean Beach

Popular

San Diego

OB Rag Classifieds

There Are 18.6 Million Empty Homes In America

by Frank Gormlie on April 28, 2008

in Organizing

Today Reuters reported that due to the sub-prime mortgage crisis and the
dramatic rise in foreclosures of owner-occupied housing, America now has a
record number of vacant homes across the country – for the first quarter of this
year. In discussing the rise in the share of vacant homes, the Reuters article,
by Joanne Morrison, casually dropped a bomb: “the total number of vacant U.S.
properties hit 18.6 million, which was a record,” quoting a U.S. Census Bureau
official.

18.6 MILLION vacant homes! Now, that’s alotta vacancies. Incredible.
According to the National Law Center on Homelessness and Poverty there are 3.5
million homeless people in this country. So, roughly, that’s 5 1/3 empty homes
for every homeless person. This system sure is working, isn’t it?

by Joanne Morrison / April 28, 2008
WASHINGTON
(Reuters) – The share of vacant U.S. homes rose to a record level in the first
quarter, the government reported on Monday, with homeowners finding it
increasingly difficult to find buyers in a collapsed market and more homes in
foreclosure.

The percentage of owner-occupied homes now sitting empty rose to 2.9 percent
in the January-to-March period, the third quarter in a row in which the vacancy
rate increased, according to data released by the U.S. Census Bureau.

In the final quarter of last year, the share of
vacant non-rental housing stood at 2.8 percent, a level hit for the first time a
year ago. However, officials at Census called the latest increase “statistically
insignificant.”

Still, the total number of vacant U.S. properties hit 18.6 million, which was
a record, a Census official said.

Analysts attributed the rising vacancy rate to a surge in foreclosures
brought on by the subprime mortgage crisis. They predicted there will be few
signs of improvement until the end of this year or early in 2009, when the glut
in home inventories is expected to stabilize.

“The problem right now with this vacancy is there are so many homes in
foreclosure,” said Mark Zandi, chief economist with Moody’s Economy.Com in West
Chester, Pennsylvania.

The drop in home values nationwide has pushed many borrowers toward
foreclosure and upset lending standards in many markets. Many analysts believe
home prices will not rebound until 2010.

According to data last week from the National Association of Realtors (NAR),
18 percent of previously owned homes that are for sale have negative equity and
are either in foreclosure proceedings or headed for a “short sale” in which the
lender will write off some of the original loan amount.

“This has been a frustration of our members,” the real estate trade group’s
chief economist, Lawrence Yun, said last week. “Lenders have been dragging their
feet” in approving short sales.

In March, the inventory of previously owned homes available for sale rose 1
percent to a 9.9 months’ supply at the current sales pace, the latest NAR data
showed.

“Things will get worse before they will get better,” said Kurt Karl, chief
economist at Swiss Re in New York.

HOME OWNERSHIP RISES

At the same time, the U.S. homeownership rate moved up to a seasonally
adjusted 67.9 percent from a near seven-year-low of 67.7 percent in the fourth
quarter and 68.5 percent in the first quarter of 2007, according to the Census
data.

Regionally, homeowner vacancy rates for the first three months of this year
were the lowest in the Northeast, hitting 2 percent compared with 1.9 percent
the same time a year earlier.

Homeowner vacancy rates were unchanged from the same time a year ago in both
the Midwest and the South, at 2.9 percent and 3.2 percent, respectively. But
they shot up to 3.2 percent in the West, the area hardest hit by the crisis in
risky subprime mortgages, from 2.6 percent a year earlier.[For the original
article, go
here.]

(Additional reporting by Tim Ahmann; Editing by Jonathan Oatis)

{ 2 comments
}

{ 2 comments… read them below or add one }

Monty Reed
Kroopkin April 28, 2008 at
10:20 pm

The only house that really SHOULD be vacated right now, is the White
House.

Reply

Sell House
Foreclosure June 20, 2009 at 10:02 am

Since this post was created things have gotten much worse. In some areas in
markets such as California, FLorida and Las Vegas area, there are more houses
for short sale and bank owned than not. The housing market has been devastated
but thinks really seem to be turning around. I hope the worst is over!

Reply

Cancel reply

Leave a Comment

Name *

E-mail *

Website

Notify me of followup comments via e-mail

Previous post: Compassion:
The First Casualty of War

Next post: 1,000 Vets a Month Attempt
Suicide

Search the OB Rag

WEEKLY OB RAG POLL

The ocean water temperature
at Ocean Beach has been colder than it has been for decades. OB had a very
moderate summer but the rest of the Northern Hemisphere is burning up. Do you
think the ocean water temp is related to global warming / climate
change?

What else could be the reason? Yes.

No, it's just a coincidence.

I remember waters as cold as this during the summer in OB
within the last couple decades.

Don't broadcast this moderate weather - as once they find
out about it, everyone will want to move here.

All the facts are not in yet, too soon to tell.

View Results

Recent Popular Posts

‘Dear Abby’ Falls Off Comic
Page: Sizing Up the New U-T 13

Democracy, the OB Town
Council, and Grassroots Activism 16

OB Lawyer Rant: Town Council
motives to bar Gormlie should be questioned 13

Mother harassed for
breastfeeding in Orange County store – organizes a ‘nurse-in’ 14

San Diego Union-Tribune: OB
Rag publisher in flap with beach town’s rules 18

Frank Gormlie: “I’ve just been
kicked off the OB Town Council’s candidate ballot.” 98

2 Types of skunks in the
neighborhood – one walks upright. 25

Getting to Know the Ocean
Beach Mainstreet Association, Part 1: The Founders and the Power of
Idealism 18

Alley clean-ups are a dirty
job but they’re our alleys 16

Next Ocean Beach Community
Forum on Homelessness Slated for August 24th 8

The latest chatter…

Abby on Mother
harassed for breastfeeding in Orange County store – organizes a
‘nurse-in’
What exactly is so upsetting about the sight of a
nursing mother? How is this offensive? Can someone explain this
...

john on Mother
harassed for breastfeeding in Orange County store – organizes a
‘nurse-in’
Before abortions became legal many mothers gave birth
and left the hospital that day, with the county left to raise ...

Editordude on ‘Dear Abby’
Falls Off Comic Page: Sizing Up the New U-T
Doug PLHS '66 -
Sorry, we don't allow commenters to edit - sorry we tried that a while
ago, unless ...

judi curry on 2 Types of
skunks in the neighborhood – one walks upright.
Hi Frank, thought
the skunk might appear the meeting this week, but I guess he, and
probably his entire family, ...

tj on Rep. Bilbray
embraces Ties With Alleged Hate Group
Thanks to poor decisions on
the part of the Washington politicians serving their special-interest
masters, & the boundless greed of ...

Doug on ‘Dear Abby’
Falls Off Comic Page: Sizing Up the New U-T
Sorry about that
post. I tried to edit it but I guess that's not allowed. My point was
that there ...

Frank Gormlie on U-T: OB Rag
publisher removed from town council ballot
tj, appreciate your
reasoned question. The OBTC made substantial procedural errors = reason
#1; I do have an Ocean Beach ...

jettyboy on Rep. Bilbray
embraces Ties With Alleged Hate Group
Shocking! I just can't
believe a far right Republican would associate with such a group, unless
they have something to ...

!!SPECIAL!! Save $5 on an OB Rag T-Shirt and help us buy a new
camera!

The "OB Rag"
design is in four colors, quality shirts printed up by James Gang Graphics.
$15 for shirt (originally $20) plus $3 for shipping. Either send check
or money order to OB Rag, PO Box 7012, San Diego, CA 92167 - or order through
PayPal. Make sure to select your size before clicking "BUY NOW"

Sizes

Small
$15.00 Medium $15.00 Large $15.00 X/Large
$15.00

People Are Not Bums

Buy a 'Compassion' Sticker and Help the
Homeless in Ocean Beach

To
order a sticker, please go to the Regional Task Force on the Homeless
web site. Stickers cost only $3.50 each (including shipping and handling). You
can also pick them up at the Task Force office for $2.50. All sticker proceeds
will go to homeless services in Ocean Beach.

Welcome to the OB Rag – Ocean Beach & Beyond

This Blog has been
initiated to ply the Ocean Beach community and the San Diego scene with news
and commentary from a distinctively progressive and grassroots perspective,
and to provide a forum for those views. Others with similar views are invited
to contribute and participate.
More about us...
Support the OB Rag Blog!
Purchase old copies - 20% off Help the OB Rag blog stay online by
donating to buy 30-35 year old issues of the original OB Rag, Ocean Beach's
infamous and iconic counterculture, underground newspaper; limited numbers are
available for
purchase!

What we’re Reading

Keep up to Date!

Enter your email address to receive
daily updates via email:

Delivered by FeedBurner

Support the OB Rag with PayPal!

For the price of a Mocha Chip Frappaccino latte, you can keep
us alive for another day!

Background Stuff

Archives

Links

Local businesses who support the
Rag

About the OB Rag blog

Comment Policy

1st OB Rag History

OB Under Siege

OB Responds

Summer 1970

The First Circle

Collier Park

New Blood

The Rag Once Again

In Full Swing

The Rag Matures

The Early Politics

Pie Shop

Number 10, Summer 1984

Number 11, November 1984

Contact

Letters

Old Rags Scanned

Issues of the Original OB Rag
Available For A Donation to the Blog- 20% OFF

Vol. 1 No. 13 – late April 1971

Vol. 1, No. 7, Dec. 1970

Vol. 1 No. 14, May-June 1971

Vol. 1, No. 17, July 1971

Vol. 7, No. 2, Oct. 2002

Vol. 1, No. 16 – late June – early
July 1971

Vol. 7, No. 3, May 2003

Vol. 2, No. 5, January 1972

Vol. 2, No. 8, March 1972

Our Sponsors

The Staff Box

Andy
Cohen

Anna
Daniels

Brenda McFarlane

Dan
Morales

Dave
Rice

Doug
Porter

Ernie McCray

Frank and Patty

Frank Gormlie

Gary
Gilmore

Jon
Carr

Lane
Tobias

Michael Steinberg

OB
Cindi

Patty
Jones

Shane Finneran

Sunshine

Wireless Mike

Archives
Select Month
August 2010 July 2010 June 2010 May 2010 April 2010 March 2010 February 2010 January 2010 December 2009 November 2009 October 2009 September 2009 August 2009 July 2009 June 2009 May 2009 April 2009 March 2009 February 2009 January 2009 December 2008 November 2008 October 2008 September 2008 August 2008 July 2008 June 2008 May 2008 April 2008 March 2008 February 2008 January 2008 December 2007 November 2007 October 2007

Those Button Thingies…

Get smart with the Thesis WordPress
Theme from DIYthemes.

WordPress
Admin

Avatars by Sterling Adventures