2009-07-24ritholtz.com

"This is an astonishing datapoint: “There were 18.7 million vacant homes in the U.S. during the second quarter as the steepest recession in 50 years sapped demand for real estate and banks seized properties from delinquent borrowers."



Comments:

tvsterling at 07:43 2009-07-26 said:
The reason for all these empty houses runs deeper than just this so called recession. The average American has no business owning a home. Job security, such as the country offered decades ago, no longer exists. The whole economy is built on shifting sand. Thirty years is an eternity in the modern job market & anyone foolish enough to get caught unemployed during that period is dog meat. In order to recover from a layoff or downsize you have got to move NOW. If you are stuck with a house you are dog meat. Jobs that pay enough to make ownership really feasible are getting fewer & fewer with every offshore & every Illegal. The race for the bottom is going to make America into the newest third world country & there is nothing to stop it. We already have a banana republic economy, courtesy of the FED. Permalink

add a comment | go to forum thread