Here’s an eye-popping statistic: 17.9 million vacant homes in the USA.
Using a little back-of-the-envelope math we can multiply 17.9 million by about 2.5 people per house and get 44.8 million people. That’s the number of people who could be housed in those vacant homes. To put it in perspective, that’s room for the entire population of Spain or 1.5 times the population of Canada.
You also might be wondering just how that number — 17.9 million — compares to the total number of homes in the USA. Using our 2.5 people her house estimate, combined with the population of the USA — about 301.14 million — we estimate that about 12.9% all homes in the USA are currently vacant. And that number is rising. What would be interesting would be to see how that number compares to history and to comparable countries and their histories. Anyone want to get on that? And perhaps post the info in the comments to this post? Thanks. Cheers!
California home foreclosures again set a record
The third quarter’s total surpasses 24,000, which is a record. ‘It’s working its way to the Westside,’ an agent says.
By Peter Y. Hong
Los Angeles Times Staff Writer
October 27, 2007
Californians lost their homes to foreclosure in record numbers for a second straight quarter, and the trend is creeping into affluent communities, figures released Friday show.
Foreclosures statewide hit a new high of 24,209, besting the previous record by 39%, according to DataQuick Information Systems. Default notices — the first step toward foreclosure — rose to 72,571 for the three months ended Sept. 30, breaking a record set in 1996.
Separately, the Census Bureau reported that the nation’s homeownership rate fell for a fourth straight quarter, the longest decline since 1981. The agency said foreclosures helped push the number of vacant homes to a record 17.9 million.