Barry Ritholz sez,
In this case, what she wrote is not technically incorrect, but its very misleading. The lowest this rate has been over the past few decades is 8.5%. So while 11% sounds shocking, it is only somewhat elevated after the worst housing crash in the US since the Great Depression.
The typical data point used to describe vacant homes is the Home Ownership Vacancy Rate. In the US, that number is 2.7% for owner occupied houses and 9% for rental properties, apartments, etc.
The sensationalistic number referenced in the CNBC story (repeated by Consumerist) is not commonly used -- indeed, its towards the end of the Census Bureau release that reports such things.
What it references is the total number of structures that are unoccupied -- this includes a whole laundry list of empty properties -- abandoned old farm houses, (Not sure if vacation properties/second homes are included -- I need to check that). No one usually pays much attention to this number, as it provides very little useful insight.
Welcome to America after the housing bubble, where, according to the census, 11 percent of homes are vacant:
Now to vacancies. There were 18.4 million vacant homes in the U.S. in Q4 '10 (11 percent of all housing units vacant all year round), which is actually an improvement of 427,000 from a year ago, but not for the reasons you'd think.
Nearly 11 Percent of US Houses Empty
The number of vacant homes for rent fell by 493 thousand, as rental demand rose. 471,000 homes are listed as "Held off Market" about half for temporary use, but the other half are likely foreclosures. And no, the shadow inventory isn't just 200,000, it's far higher than that.
(Image: Doors, Vacant House, Spring, Texas 0329091251, a Creative Commons Attribution (2.0) image from nakrnsm's photostream)
Online retail giant Amazon just launched a marketplace for handcrafted goods: Handmade at Amazon. It’s “an arts-and-crafts bazaar online that squarely takes aim at a niche but growing market dominated by the Brooklyn-based Etsy,” as the New York Times puts it. Handmade at Amazon went live early Thursday more than 80,000 items from roughly 5,000 […]
Umbracity aims to solve the problem of unexpected urban showers with a shared-umbrella service. They’ve rolled it out in soggy Vancouver, and the deal is that you get to use an umbrella from any of their kiosks for free for 48h, but if you keep it longer, it’s $2/day to a maximum of $20.
The Nameless Coaltion, a global alliance of women’s groups, LGBTQ groups, human rights and digital rights groups has asked Facebook to abandon its “Real Names” policy, which puts Facebook users in danger of reprisals including state violence, stalkers, and on-the-job harassment.
It’s time for a power upgrade — throw out that tired-out power strip and swap in this family-size USB charger, packed with 6 high-speed ports. With a built-in control chip, Kinkoo optimizes each port to ensure the fastest charging possible for all your devices. The Kinkoo is made from high-grade and durable materials so you […]
Watching Netflix, Hulu or other streaming services can unfortunately be difficult while traveling outside the US. Rather than bypass these restrictions with the help of a complex and slow VPN, choose a faster and simpler solution with Getflix. Instead of rerouting all your Internet traffic through a different server, this handy service only routes the […]
Shake, stir, and muddle your way to delicious homemade cocktails with this must-have bar set. Expect only the finest quality tools from MakersKit — enabling you to unleash your inner mixologist.Top 12 Favorite Things of 2014, Sunset MagazineQuart-size vintage-style Mason jar shakerRetro double jigger for accurate measurementsStrainer & spouts for a mixologist-style smooth pourHardwood muddler […]