Home vacancies rise to record 2.9% in first quarter (Rex Nutting)

Created by : Francis Goodwin View profile

Homeownership rate steady at 67.8%, matching 6-year low

WASHINGTON (MarketWatch) -- Putting further downward pressure on home prices, the number of vacant homes in the United States increased by 1 million over the past year to a record 18.6 million, according to government data released Monday.

The vacancy rate for homes usually occupied by the owners rose to a record 2.3 million homes from 2.2 million in the fourth quarter and about 1 million more than was typical before the housing bubble burst.

Analysts say the housing market won't recover until the glut of vacant homes on the market can be worked down.

The total U.S. housing stock increased by 2.1 million to 129.4 million in the past year, with about half of that increase accounted for by the increase in vacancies.