Housing slump here to stay

By Lauren Baier Kim, Wall Street Journal


New data released by the Census Bureau shows that the vacancy rate of homes for sale, at 2.7%, or 2.1 million vacant homes, is at its highest level since the bureau began tracking it 40 years ago, according to a Wall Street Journal Online article. These properties, many of which are likely held by investors, could bring housing values down further as prices are slashed to attract buyers, WSJ Online says. Meanwhile, CNNMoney.com reports that figures released by Case Shiller Weiss indicate that nearly every major housing market in the U.S. has seen price declines in November. Showing the largest year-over-year price declines that month were Boston, with a 5% dip, and Detroit, with a 4.5% drop, CNNMoney says. The biggest year-over-year price increases were in Seattle (13%), Portland (11.6%) and Miami (7.4%), according to the article, which includes a chart summarizing market trends for 20 U.S. cities.