Real Estate

U.S. Homeowner Vacancy Rate Rises

Reuters
Share

The share of U.S. homes owned but empty rose to 2.7 percent at the end of September, the Census Bureau said Friday, in a signs of weakness in the housing sector.

The rate, which was up from the 2.6 percent reported in the second quarter, indicates that a large share of the nation's homes are on the market but not selling, said Dean Baker, a director of the Center for Economic and Policy Research in Washington.

"There are a lot of vacant homes out there and a lot of pressure on many homeowners to sell," he said.