REALTOR® Magazine-Daily News-Vacancy Rates Slip Slightly

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Daily Real Estate News | April 27, 2010 | Vacancy Rates Slip Slightly
The number of vacant homes fell slightly in the first quarter to 2.6 percent from 2.7 percent in the third quarter of 2009, the U.S. Commerce Department reported Monday.

Vacancies in the rental market fell to 10.6 percent in the first quarter from 10.7 in the fourth quarter of 2009, according to Commerce.

Nicholas Tenev, housing analyst with Barclays Capital, says this downward trend is a sign the crisis could be over. "While vacancy rates are likely to remain elevated for some time, both home owner and rental vacancy rates seem to have peaked," Tenev says.

Source: Reuters News, Corbett B. Daly (04/26/2010)