America is facing a housing shortage, and many reasons for this, including rising costs for home builders and a labor shortage, have been discussed at length.
Business Insider reports that there is another factor keeping demand high and supply low: A greater number of houses are vacant.
The rate of year-round vacant homes held off the market for “other” reasons (not including vacation homes or occasional rentals, for example) has continued to rise over the last few decades, sitting at nearly 3 percent of the total housing stock today.
Experts say the houses will eventually be placed on the market, but the amount of existing inventory won’t rise significantly.
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