The vacancy rate for rental apartments in the U.S. is now 7.8% and climbing, says the Wall Street Journal. This is the highest vacancy rate in 23 years.
Worse, the vacancy rate is expected to keep climbing through the winter, ultimately hitting the highest rate on record.
This is good news for renters and bad news for landlords. It's also bad news for anyone who owns and would like to sell a house.
Why are rising rental vacancies bad news for homeowners? (more)
This might be one of the reasons to bring home prices down. But, the home prices will be back to normal when this ongoing Global recession will be over and as per experts this can be done only by mid of next year.
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