Record number of vacant US homes: 2.9%, 2.28 million

http://money.cnn.com/2008/04/29/real_estate/housing_price_fall_deepens/?postversion=2008042912

A flood of empty homes
The S&P Case/Shiller statistics come on the same day as news that foreclosures spiked 112% in the first quarter, according to RealtyTrac, which said that more than 155,000 homes have been lost to foreclosures so far this year.

This flood of foreclosed homes onto the market is putting even more downward pressure on home prices.

On Monday, the Census Bureau reported that the number of vacant homes for sale has hit a record high. The report shows that 2.9% of U.S. homes -- excluding rental properties -- were vacant and up for sale in the first quarter. That translates to about 2.28 million properties - the highest quarterly number on record since 1956.

In just about any other country on the face of the Earth, it truly would be pitchfork and torches time. There would be rioting in the streets. The Prime Minister would have called for new elections and dissolved the government.

This idiotic fuck can't even see that there's a problem.

many of these homes are at 2.5-3 times what the middle class can afford to purchase means they are going to sit vacant a long time.

Every vacant house is costing somebody real money. They'll drop prices to unload them sooner or later.

What is wrong with this picture?

Jeebus jumped-up Christ on a pogo stick. Like we don't have enough to be enraged about already.......