35% increase in vacant housing in Md. in last decade
A big jump in the number of empty homes for sale and rent helped push up the number of vacant housing in Maryland over the last decade by 35 percent, new Census figures show.
More than 222,000 homes were vacant during the count in April 2010, an increase of nearly 58,000 properties.
The nationwide increase in vacancy was even bigger than Maryland's -- 44 percent. Nevada's number of unoccupied units more than doubled, which underscores just how hard that state has been pummeled by the housing bust.
In addition to an increase in vacant homes for sale and for rent, Maryland saw growth in vacant vacation homes and a category that includes foreclosures not yet on the market. Here's the breakdown:
Vacant homes on the market for sale or rent both ballooned nearly 50 percent -- for-sale homes to almost 33,000 and for-rent to nearly 62,000. (Yes, 62,000. That's an eye-opener.)
Homes owned for seasonal, recreational or occasional use that were vacant at the time of the census count increased by 43 percent, to almost 56,000.
All other vacants -- including bank-owned homes that aren't on the market yet -- rose by 26 percent, to 61,000 units. This includes abandoned and effectively abandoned properties.
All told, nearly as many homes were vacant in April 2010 as the 234,000 housing units built during the last decade.
Compared with the state and nation, Baltimore's vacancy situation was almost stable, up 10 percent to about 47,000. Most of the increase came in homes for sale or rent, which together rose by 5,600. The category for off-the-market foreclosures, boarded-up homes and the like rose by 1,800 units, to 23,000.
If you're interested in more, check out this story about the new figures, contrasting the city's situation with fast-rising vacancies on the Eastern Shore.
How has vacancy affected you?
Categories: Housing stats, Vacancies
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Comments
Incredible....I must admit I may have been wrong allof these years....1999 prices just will not do. We will have to go to 1980's prices to clean up this inventory, unless the Federal Reserve prints a 999 trillion dollars to assure hyperinflation keeps home prices "stable"
Oh my!
Once again, sell now, or be priced in...forever!
Posted by: Darwin Rules | October 7, 2011 11:08 AM
"Compared with the state and nation, Baltimore's vacancy situation was almost stable, up 10 percent to about 47,000."
How many of the "vacant" properties included in those numbers have not been anything but that for a long time and likely never will be?
iow how many of these addresses are also the dilapidated and uninhabitable that need to be torn down?
Posted by: MrRational | October 8, 2011 9:44 AM
Many in the "other vacant" category, the one with 23,000 units, MrRational. The city defines about 16,000 buildings, if memory serves, as "vacant and abandoned." And many of those have been vacant for a long while.
Posted by: Jamie Smith Hopkins | October 8, 2011 12:45 PM
Im guessing that the vacant rate is higher then the city thinks it is. For every boarded up house thats obviously vacant, there are at least two or three houses that dont appear to be vacant at first sight.
bt you can tell that they are vacant because of a few things. "This house has been winterized " signs in the window indicate a vacancy. And a rotting phone book on the front steps along with three or four weeks worth of pizza flyers also does. Many of these houses are probably houses where an older person died and the family is sitting on it for now.
In the neighborhoods East and North of Patterson Park, there are hundreds of these types of houses.and im guessing that the City doesnt count most of them as "Vacant". Because "offically" they arent. And since they arent boarded up or falling down, they arent obviously vacant.Most seem to have only been vacant for one or two years
Posted by: Pete from Highlandtown | October 9, 2011 2:18 AM
That's just amazing!!
sad. but amazing...which begs the Q...
How could I get one of these homes for me??
I would LOVE to own my own place, but the truth is, I know I can not afford to own my home...so I would have to rent...who do I talk to, where do I go to find a simple place to rent?? prefer somewhere close to a fishing hole but not required(do not own a car)...I'm serious, this is not a joke. Only been in Maryland 8 months, don't know where much of anything is yet...
Posted by: James Reynolds | October 17, 2011 8:30 AM
James, you can look at rental listings online -- a variety of sites gather that information from across the Internet. (Type "Baltimore rentals" or whichever community you want into a search engine.) Once you've looked at a lot of listings, you'll have a good idea of what your price options are.
If you don't have a car, your priority will probably be a reliable bus or train route nearby.
Posted by: Jamie Smith Hopkins | October 17, 2011 11:25 AM