The Straits Times
Published on Oct 30, 2012

US home vacancy rate declines to pre-housing bubble levels


WASHINGTON - The US home vacancy rate, which measures empty properties and those for sale, fell to the lowest level since 2005 as demand for housing picked-up.

The rate declined to 1.9 per cent in the third quarter from 2.1 per cent in the previous three months, a level not seen since the third quarter of 2005, the Commerce Department said on Tuesday.

The share of empty US homes for rent held steady at 8.6 per cent, matching its lowest level in more than a decade.

The U.S. home ownership rate also held firm in the third quarter at 65.5 per cent.