2 Million Homes Empty In Real Estate Market

The housing market continues to struggle with recent findings from the Census Bureau. They found out that in the previous quarter that there are over 2 million homes that don’t have residents living in them. This continues to saturate the housing market with numbers that have reached the equivalent of the amount of homes in Detroit.

The first quarter of the year was actually an all time low for the country housing market. This shows exactly what has happen since there has been so much overbuilding in many markets and way too many 100% financed loans lent out to people that are not prepared to pay back their loans.

There are so many people that have been forced out of their homes and they can’t find people to buy the homes and are either forced to make monthly payments, find renters which are rare, or potentially foreclosures. In essence people got a little too greedy too fast.

There are many people that believe the market will continue to drop since there is so much supply and that this could continue for years because population and the economy catches up with the vast amount of property. Experts believe that this number could reach 3 million to 4 million homes in the next several years. Countrywide, the nations largest lender already has announced a loss of 1.2 billion dollars. In turn this is going to hurt a lot of builders, real estate agents, and lenders looking to offer loans and property.