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January 30, 2007
That Vacant Look
This news raised a few eyebrows...
The number of vacant homes waiting to be sold surged 34% to 2.1 million at the end of 2006 compared with the end of 2005, by far the fastest increase ever recorded, the Census Bureau reported Monday.
I can't think of any particularly positive spin to put on that, but I did notice that there seems to have been a compositional change underneath that number: The share of for-sale vacant housing units accounted for by multi-unit properties rose by about 3 percentage points:
I don't know what that means -- if anything -- but if anyone follows Dean Baker's advice and gives the vacancy report the coverage he thinks it it deserves, maybe they will explain it.
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