Percentage of Vacant Homes Sets New Record

Washington, DC, April 29, 2008--The percentage of vacant homes for sale in the U.S. reached a new record high in the first quarter, according to the Census Bureau.

The agency said that 2.9% of U.S. homes, or 2.28 million properties--not counting rentals--were vacant and up for sale, compared with 2.8% in the fourth quarter of 2007. It was the highest quarterly number since at least 1956.

A year ago the number was 2.18 million, the report said.

The West had the highest increase in vacancy rates among homeowners, up to 7% in the January-March period from 6.5% in the fourth quarter of 2007. Vacancy rates fell in the Midwest and South, but rose in the Northeast. The national vacancy rate has been steadily rising since mid-2005.

The agency also said that the U.S. homeownership rate remained at 67.8% in the first quarter, down from a peak of 69.2% at the end of 2004.