Long-term vacant housing in the United States

Raven Molloy

Regional Science and Urban Economics, 2016, vol. 59, issue C, 118-129

Abstract: Long-term vacancy—defined as nonseasonal housing units that have been vacant for an unusually long period of time—is a useful measure of excess supply in the housing market. In fact, long-term vacancy is more strongly correlated with indicators of housing market distress than standard measures of vacancy. At the national level, long-term vacancy is relatively uncommon. However, the stock of long-term vacant housing is concentrated in a small number of neighborhoods with high long-term vacancy rates. Some of these neighborhoods have characteristics suggestive of overbuilding during the housing boom, while others have characteristics symptomatic of persistently weak housing demand.

Keywords: Vacancy; Excess housing supply; Housing market distress (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (16)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:regeco:v:59:y:2016:i:c:p:118-129

DOI: 10.1016/j.regsciurbeco.2016.06.002

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