Vacancy Rates Continue To Rise More Foreclosures To Hit The Market

As an appraiser I am seeing more foreclosures which are ready to hit the market. This will continue to but downward pressure of home values. The home owner vacancy rate hit a record in the 4th quarter of 2008 at 2.8%. And there was a 9% rise in vacant homes that are being held off the market. According to realty trac 70% of the bank-owned homes were not listed for sale on the multiple listing service.

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