"Putting further downward pressure on home prices, the number of vacant homes in the United States increased by 1 million over the past year to a record 18.6 million, according to government data released Monday.
"The vacancy rate for homes usually occupied by the owners rose to a record 2.3 million homes from 2.2 million in the fourth quarter and about 1 million more than was typical before the housing bubble burst.
"Analysts say the housing market won’t recover until the glut of vacant homes on the market can be worked down."
With underwriting guidelines continuing to tighten, unemployment up over 5% and housing prices tanking - this excess inventory only points to one direction for housing prices - and it ain’t up.
Source: By Blown Mortgage