17.9 million empty homes that nobody needed. 17.9 million empty homes that won't sell. 17.9 million empty homes that stand as a testament to American greed, largess and folly. 17.9 million empty homes for bitter renters to choose from. And 17.9 million reasons why this housing crash will be the biggest in US history.
The Census Bureau report also found that a record 17.9 million U.S. homes stood empty in the third quarter as lenders took possession of a growing number of properties in foreclosure.
The figure is a 7.8 percent gain from a year ago, when 16.6 million properties were vacant, the Census Bureau said. About 2.07 million empty homes were for sale, compared with 1.94 million a year earlier, the report said.
With inventories of unsold homes piling up near record levels, housing prices will have to fall further, economists say.