Industry News

Inventory of vacant U.S. homes rises

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The total inventory of vacant homes increased about 8 percent in the third quarter compared to the same quarter last year, while the home-ownership rate remained unchanged in the third quarter after three consecutive quarterly declines, the U.S. Census Bureau reported today. The home-ownership rate for the third quarter stood at 68.2 percent, which compares with 69 percent in third-quarter 2006. Regionally, the home-ownership rate was 71.9 percent in the Midwest in the third quarter, 70.1 percent in the South, 63.5 percent in the West, and 65.2 percent in the Northeast in the third quarter -- that rate dropped in every region compared to the same quarter in 2006. The home-ownership rate declined for all but one age bracket tracked by the Census Bureau: the rate rose from 80.7 percent in third-quarter 2006 to 81.1 percent in third-quarter 2007 among those ages 55-64, according to the report. The rate of home ownership among Hispanic households increased from 49.7 percent i...