Census Bureau has reported that the % of vacant homes for sale was a record 2.9% of U.S. homes -- excluding rental properties -- compared to 2.8% in Q4. It was the highest quarterly number since the data began in 1956. The homeownership rate remained at 67.8% on the quarter, which remains down from the all-time high of 69.2% set in 2004.
A lot of these sales are likely foreclosed homes/REOs. Overall, the data again highlight the amount households that got in over their heads, which is now in the process of being unwound. This is not anywhere close to turning around, and instead, we would not be surprised to see the data get much worse before it gets better.
If you are beginning to struggle to make a payment, we strongly urge you to contact your servicer now to try to arrange some kind of work-out. The earlier in the process you call, the better you chance you have to work something out and save your house.
Comments