Nearly 18 million homes standing empty in America

St Petersburg News.Net
Friday 26th October, 2007

The number of empty houses in the U.S. is now at a record high.

Repossessions, due to tightening credit conditions and lending practises, together with declining values, have resulted in 17.9 million homes going unused.

Relocations have also soared, as families have been forced from their own homes, or moved to downsize. The U.S. Census Bureau says the latest numbers it has show a near 40 million relocated between 2005 and 2006. More than 60% of them were Hispanics (18%), Blacks (17%), Asians (14%), and non-Hispanic whites (12%).

The number of homes standing empty is up 7.8% from last year, the bueau said in a report released Friday.

Approximately 2.07 million empty homes are for sale, compared with 1.94 million last year, the report said.

New foreclosures are on the rise while home ownership is declining. The latest figures show 68.1% of Americans own their own homes.

The Mortgage Bankers Association says the number of subprime mortgage borrowers late in payments has increased to 14.82%, a five-year high.

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