Homes sitting unoccupied nationwide set a new record last quarter – with 18.6 million vacant houses according to the US Census Bureau.
Here in Reno we have our fair share of vacant houses. A quick look at today’s listings show: Of the 4,586 residential listings in Reno-Sparks, only half are owner-occupied. The rest are either vacant, rented or under construction.
Here is the breakdown:
| Occupied by? | # | % |
| Owner-occupied | 2,323 | 50.7% |
| Vacant | 1,919 | 41.8% |
| Tenant-occupied | 338 | 7.4% |
| Under Construction | 6 | 0.1% |
| ——- | ———- | |
|
total listings |
4,586 | 100.0% |
Data courtesy of the Northern Nevada MLS (NNRMLS) – August 2008.
smarten
There’s another category Guy. The vacant “second home.” That’s the vehicle you use if you want preferential owner-occupied rates and terms, but really have a different use in mind. But of course no one in Reno/Sparks would ever consider this kind of misrepresentation to a lender.
Future Buyer
Pretty amazing to think with all the vacant homes for sale that they still want to build over 600 homes off of Mount Rose highway–Will the madness ever end?!!
NVMojo
Yeah, what is with that madness of ongoing construction? If the economy doesn’t pull itself out of its butt nationwide, we are going to be needing vacant land for more tent cities.
cash buyer
madness? during the time of free money and voodoo loans, demand soared and correspondingly, builders built. consequently, you have unqualified buyers living in homes they can not afford. the meltdown continues to increase inventory. we are returning to a time where legitimate financial credentials will be required to secure financing. so, we need large numbers of qualified buyers to absorb the excess. so add more houses? where are all these buyers? you are correct………..this is madness
NAS
Hudson & Marshall has the Reno area listed with some homes going to auction end of the month. Question: does this mean these homes were REO’s and didn’t sell, or just lender inventory skipping the REO process?
http://www.hudsonandmarshall.com/default.asp?contentID=9&a=452&c=Reno&s=&pagesize=20&page=1