National vacancy rate no reason to worry at all

Lots of statistics are being published about activity in the real estate market. One that has been in the press lately is the national vacancy rate, which has climbed to 13 percent, though that isn't necessarily one that should trifle several individuals. Given the number of people who own multiple homes, that figure could be very misleading, so it is not time to start building the disaster shelter in the basement yet. There are some signs of life in the housing market. Source of article - Rise in national vacancy rate not worth panicking over by MoneyBlogNewz.

Home getting in vacation areas by wealthy not occurring

The economic statistics and indicators on real estate are viewed by individuals each day. These make it seem like the housing market is doomed. Up to 13 percent of homes in America are empty right now, CNN said in an article. That is a misleading figure; CNN points out that several of the vacancies are in areas like Maine, Arizona and Florida -- popular places for vacation homes. There was a rise in the last four years in vacancies from 12.1 percent to 13 percent. That is less than a 1 percent increase.

There are more pending sales

Bloomberg reports that there was a rise in February of 2.1 percent in the number of homes officially in the process of selling, or Pending sales. Since there was a huge blizzard, and it was very cold, there were not as several homes being sold in the past few months. The housing market is not doing also still considering pending sales for February 2011 were 8.2 percent lower than they were in February 2010. Reuters states that National Realtor’s Association’s chief economist Lawrence Yun believes that in 2011, older homes will sell faster than new homes meaning a rise in existing homes sales. Newly built homes are generally more expensive than older homes.

Where the market is going

Individuals keep talking about a second crash in the housing market. This is part of the news going around. Banks don't want to lend as often right now while housing aren't worth very much and sales are slow. Prices are likely to stay low as long as fewer individuals are willing or able to buy houses, and lenders are skittish about lending in the current economic climate surrounding real estate. More than likely, the individuals purchasing homes now will get good news. More good news shows that individuals who own now can have their home prices go up in the next few years also.

Citations

CNN

money.cnn.com/2011/03/28/real_estate/us_housing_vacancy_rates/index.htm?hpt=T2

Bloomberg

bloomberg.com/news/2011-03-28/pending-sales-of-u-s-existing-homes-unexpectedly-climbed-2-1-in-february.html

Reuters

reuters.com/article/2011/03/28/us-usa-economy-housing-idUSTRE72F3XG20110328