Record number of vacant homes on the market

The Associated Press, in a story written by Alan Zibel, recently reported that the number of vacant homes for sale in the United States hit an all-time high in the first quarter of the year.

According to the U.S. Census Bureau, 2.28 million vacant homes were on the market in the first quarter. The Census Bureau has been tracking this number since 1956, and this is the highest it’s ever been.

There you have it: More bad residential real estate news for those looking for it. When will this market turn around? Not for a while, I’m afraid. A best guess? Late 2009. Until then, expect more negative records for the housing industry.