"The share of homes vacant and for sale, an important measure of the nation's housing supply, set a record in the first quarter in a signal that the glut of homes on the market isn't improving. The homeowner vacancy rate, which measures the number of vacant homes for sale, rose to a record 2.9% in the first quarter from 2.8% in the fourth quarter, about one percentage point higher than normal, according to new Census Bureau data. ... Meanwhile, a record 4.1 million vacant homes are for rent, with the rental vacancy rate rising to 10.1% in the first quarter", WSJ, 29 April 2008.
"Home-price declines are accelerating nationwide, pushing a hoped-for turnaround in the housing market further down the road. The [S&P]/Case/Schiller index that measures home prices in 20 major metro areas dropped 12.7% in February from a year earlier--the sharpest decline in the data's two-decade history. ... 'There is no sign of a bottom in the numbers', said S&P analyst David Blitzer. ... All 20 cities in this measure showed price drops from January to February, and almost all showed year-to-year declines; the Charlotte, N.C., area showed a modest 1.5% increase. ... Home prices in the Las Vegas, Miami and Phoenix markets fell by more than 20% from a year earlier. ... Overall, the 20-city index has declined 14.8% since peaking in July 2006", WSJ, 30 April 2008.
"In the latest sign that the housing market is deflating at a record pace, the National Association of Realtors said prices declined in more metropolitan areas in the first quarter than at any time in the past three decades. ... Nationally, the median home price fell to $196,300, down 7.7% from a year ago. ... Home prices fell 12.3% to $296,300 in the West and dropped 7.5% to $164,200 in the South", WSJ, 14 May 2008.
Be patient, this will get worse.
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http://www.reuters.com/article/ousiv/idUSL2619694120080526
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