Foreclosures

Are You Ready! Then Set! Vacants Real Estate, And Go!

The total share of vacant United States homes rose to a record level in the first quarter of the 2008 year, the U.S. Government reported on Monday, with homeowners finding it increasingly difficult to find buyers for their homes in a collapsed market and more homes in foreclosures and preforeclosures.

The high percentage of, at one time owner occupied homes, with non payments, now sitting empty and in foreclosure rose to almost 3 percent in the January thru March 2008 period, the third quarter in a row in which the vacancy rate increased for single family homes by a large percentage, according to data released by the U.S.A. Census Bureau.

In the final quarter of last year 2007, the share of vacant non-rental housing stood at almost 3 percent, a level hit for the first time a year ago. However, officials at the U.S. Census called the latest increase very much, statistically insignificant and small.

Still, with the total number of vacant U.S.A. properties hit 18.6 million, yes, that is Million with an M, which was a record, a Census official said for the record.

Analysts mostly attributed the rising vacancy rate to a surge in foreclosures and mortgage defaults brought on by the subprime mortgage crisis. They predicted, in a very soloum tone, there will be few signs of improvement until the end of this year 2008 or early in 2009, when the glut in home inventories is expected to stabilize for the better.

There is a huge, simply huge, problem right now with this vacancy rate as well known today, is there are so many homes in foreclosure and various state of preforeclosure, mon payment, and mortgage defaults.
Still, with the total number of vacant U.S.A. properties hit 18.6 million, yes, that is Million with an M, which was a record, a Census official said for the record.

However till further notice, with the total number of vacant homes, condos and vacant lot properties hitting almost 19 millions, yes, that is Millions with an M, which was a complete and new record, a Census official said for the real estate record. More great reading here.

2007 Forclosure Serach