Wednesday, February 2, 2011

11% Of Homes Are Empty, Towns Becoming "Obamavilles"

Another h/t from The Lonely Conservative on this one for the links and picture.
Check out these links to the stories on how 11% of homes in America are now empty and what were regular towns are now becoming "Obamavilles". I'm just glad I didn't but that condo I was interested in a few years back. I'm mean it's already tough for me being unemployed still and all, but I know I'd really be hurting more financially and with my credit if I had bought that and then lost my job when I did. Before with my rent, my unemployment barely covered my rent, I know it would had not covered that mortgage or insurances.

Via"...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.

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".

More on "Obamavilles" here on familysecurity

1 comment:

joe said...

A little over 20 years ago, and friend and I started a business: Living Waters Aeration. We designed and manufactured aeration machines for swimming pools down south where the pool water temperatures easily reach 95 degrees and higher. Our aerators dropped pool water temps 15 degrees overnight. Our main customer base was Municipalities and Military bases. We decided to sell our business last Spring because the economy was tanking. Towns were starting to close their pools because there was no money left in their budgets. We knew we wouldn't last much longer, and I had a mortgage to pay, so we sold the business (to a real jerk, btw. Glad he's stuck with it). I was really fortunate to be able to pay my mortgage off and put a new roof on the house.
My house cost $65K here in upstate new york and I'm on 50 acres. It wasn't my first choice, though, but it was what I could afford and I didn't want to get in over my head.
Alot of people looked at this place and turned it down. I wonder how many of them went for bigger places and over-extended themselves. I wonder if any of them are losing their places (alot of people turned this place down, it was on the market for 3 years).
I guess this is all part of that "Change we can believe in"...