14.3 Million Houses Vacant Year Round As Of March 2011May 29, 2011 11:22 am
“Five years after the housing bust began, the market is still groaning under the weight of a near-record 14.3 million vacant residences. That’s about 3 million more than what was normal before the bust — a glut that could take more than 13 years to eradicate, given the depressed rate at which Americans have been starting new households and assuming construction of new homes remains at April’s low annualized level of only 551,000.”
Statistics Source: WSJ.
Thats bad news for people wanting to sell houses – given this glut, a price recovery is definitely not happening for a few years.