The average medium home price across the US is back to what they were in 2003! If you count all the Homes that sit vacant and all the Shadow Inventory still waiting to come to market, you end up with a number close to 7 million.
Housing Crisis Continues to Batter Nation's Homeownership Rate
With the housing crisis still taking its toll, the nation’s homeownership rate slipped further during the first three months of this year.
The U.S. Census Bureau reported Wednesday that the homeownership rate dropped to 66.4 percent at the end of the first quarter. It’s fallen back to a level not seen since 1998. Analysis of the numbers shows that the housing bust has more than reversed the increase in homeownership gained during the boom.
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Two million of the homes up for sale were sitting empty during the first quarter and another 4 million empty properties were not even listed, he explained.