Vacant Homes for Sale Hit a New Record High

The percentage of vacant homes for sale in the United States set a new record high in the first quarter of this year.

The Census Bureau report released recently shows that 2.9% of U.S. homes — excluding rental properties — were vacant and up for sale, compared with 2.8% in the fourth quarter of 2007. It was the highest quarterly number in records going back to 1956.

That works out to 2.28 million properties, up from 2.18 million in the same quarter last year.

The Census Bureau’s report 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.

The National Association of Realtors also reported recently that sales of existing homes also fell in March, dropping by 2%, with prices declining on a year-over-year basis by 7.7%.