October 27, 2007 (LPAC)--According to the U.S. Census Bureau, there were a record 2.1 million owned homes that were standing empty at the end of the third quarter 2007, "as lenders took possession of a growing number of properties in foreclosure." In addition, many of these homes are vacant because the owners have had to move, while being unable to sell the house. The total represents 2.8% of all owned homes in the country, whereas a decade ago, 1.5% were empty.

At the same time, homeownership has fallen from its peak of 69.1% of households in 2003, to 68.1% now--back to the level of 2000, again according to the Census Bureau. Since the Cheney-Bush Administration took office in January 2001, homeownership in the United States has actually fallen by 0.1%--despite a vast bubble of nearly $15 trillion in mortgage originations and more than $6 trillion in mortgage-backed securities issued since 2002!

In addition to the owned homes, some 4 million rental dwellings--for year-round living, leaving out temporary or seasonal dwellings--were empty, more than 10% of the total of such dwellings. Here too, the waves of foreclosures are having an impact, because foreclosed multi-family dwellings are nearly always emptied by the foreclosing company.