Empty homes highlight housing crisis

The number of vacant homes in the U.S. increased to a record 18.6 million in the first quarter of 2008, in another piece of negative news for the housing industry, according to data released by the Census Bureau. That is 5.7% higher than the 17.6 million residential properties that were vacant in the first quarter of 2007. The U.S. home ownership rate was 67.8%, down from 68.4% in the year-ago quarter, the study said. The rate has either fallen or remained unchanged for six consecutive quarters. The homeowner vacancy rate increased to a record 2.9% in the first quarter, compared to 2.8% in the fourth quarter of 2007. About 2.3 million empty homes were for sale last year, compared with 2.2 million in the year-ago period, according to the report. Among the 18.6 million vacant homes, 13.9 million are suitable to be occupied year-round and 4.7 million were for seasonal use. Among the homes that are suitable for year-round occupancy, about 4.1 million were for rentals, 2.3 million were for sale and 7.5 million were vacant for other reasons.