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Home Ownership Rate Declines

News Flash: Home Ownership Takes a Big Dip

Government figures released this week show the largest one year decrease in home ownership since tracking began in 1965. A whopping 2.18 million homes were vacant and for sale during the fourth quarter of 2007! That's 2.8 percent of all homes not in the rental market. To add some perspective, that's almost twice the rate of vacant homes on the market just as the economy was heading into its last recession in 2001.

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looseseal looseseal 9 years
Could it be that developer's lack of understanding of what people want in a home means they keep churning out unsaleable buildings? What I'm noticing it that they keep using the "luxury" selling point. Is that really a selling point? How many potential home buyers are so filthy stinking rich they care more about "luxury" than the more practical, everyday stuff? It's a small number, I'll bet. My ideal home would be something in a convenient location (many GOOD options for transportation) with some character to it. Y'know, a distinct appearance, so it's not easy to get confused on which of the many identical buildings is yours. Really good sound proofing and insulation. New plumbing, electrical and telecommunication system in place. Well equipped kitchen. Yeah, this only exists in my dreams. Because developers keep building crap that nobody wants or needs.
verily verily 9 years
It seems like they're still churning out new cookie cutter communities at a fast rate, despite ownership being down. If I was certain I was going to remain in the same place for the next 5-10 years, I'd look into buying a house.
aljefferson-tbag aljefferson-tbag 9 years
fortunately for me, i live in a cave. cave's are actually rising in value. call it a hedge against the housing market
RosaDilia RosaDilia 9 years
That is really bad. My friend purchased a home in Orlando, FL for investment purposes a couple of years ago and is having so much trouble selling the home. She tried selling the home last year and the home was vacant for 8 months before she decided to rent it out again.
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