Nobody home, but please keep knocking

The U.S. Census Bureau today reported growth in the share of vacant homes, from 16.6 million units in third-quarter 2006 to 17.9 million in third-quarter 2007. Vacant homes accounted for 13.1 percent of the nation's estimated 126.2 million housing units in third-quarter 2006, compared to a 14 percent share of the nation's 128.2 million housing units in third-quarter 2007.

Empty homes are of special concern to home builders, who have been laboring to unload their unsold inventory during this housing slump.

A handful of builders reported some dismal quarterly results this week (see Inman News articles 1|2|3), citing fallout from the mortgage liquidity crisis and deepening real estate downturn. A number of builders have worked to drum up sales through creative promotions, such as Pulte's "Monster Sale," Standard Pacific Corp.'s "Mission:Possible" sale and the "Deal of the Century" sale by Hovnanian Enterprises.

The incentives aren't just for buyers -- Standard Pacific detailed the eligibility requirements of a referral fee program for real estate brokers at its "Mission:Possible" sale site.

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