Tuesday, November 2, 2010

U.S. Homeownership Rate at 10-Year Low: 66.9%; Banks Seize 288K Homes

In the third quarter of 2010 there were 18.8 million vacant homes in the U.S., according to today’s Census report from Washington. This figure includes foreclosures, residences for sale, and vacation homes,.
Overall, the U.S. homeownership rate was sitting at a 10-year low, 66.9%.

Banks seized 288,345 homes in Q3 (a new record), 22% higher than a year earlier, according RealtyTrac Inc.
There were 3.6M foreclosed properties empty in Q3, slightly down from 3.7M in the second quarter, the report said. However, a year earlier, the number was 3.4M. Foreclosures could also be counted as vacant homes for sale or rent, or as owner-occupied properties if lenders have not yet evicted previous owners..

There were 1.9M empty properties on the market, down from 2 million in Q2 2010.

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