March 22, 2011
By: Bruce Berry
Nearly 20 percent of Florida homes are now vacant, a low blow for a state that had one of the strongest real estate markets in the nation during the housing boom.
The U.S. Census Bureau revealed that 18 percent of homes in the Sunshine State - or 1.6 million properties - are empty, a 63 percent increase over the last decade. With 32 percent of its homes currently vacant, the Florida's Collier county is the worst off, followed by Lee County with a 30 percent vacancy rate, and Sarasota County at 23 percent. Richard DeKaser, an economist with the Parthenon Group, told CNNMoney it will take about eight years for those rates to fall back into the single digits.
"Housing went from being the preeminent investment of choice to toxic waste," he said.
The vacancy numbers are extreme even compared to other states that have experienced high foreclosure rates. In California, only eight percent of homes are empty, while Nevada, which has experienced the highest foreclosure rate in the country in recent months, has a vacancy rate of 14 percent.
A slew of empty homes may seriously impact the quality of a neighborhood. Vacant houses may attract arson or other criminal activities, according to the National Association of Realtors, which could affect the homeowners insurance rates for nearby properties.
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