Housing: Amid Rising Vacancy Rates, Prices Languish
Saturday, August 13, 2011
The North County Times -- More houses sat empty in 2010 in North San Diego County than ever before, according to census data, but economists said the supply of houses is still tight and prices will rise if buyers jump into the market.
Not so for Southwest Riverside County, where soaring vacancy rates could leave homeowners feeling a hangover for years to come from the 2000s housing boom, bust and foreclosure crisis.
"This is the first time we've had such a heavy inventory of foreclosures since 1929 or so," said Norm Miller, a professor at the Burnham-Moores Center for Real Estate at the University of San Diego. "You actually have people who abandoned their homes. It creates a contagion effect on their neighborhoods." (Full Story)