House prices depend on local supply and demand - and also on the number of distressed homes on the market (forced sellers). But the excess vacant inventory is important for forecasting when new construction will increase - assuming the builders can compete with all the distressed homes on the market (that story yesterday on San Diego was interesting).
The columns are sortable in the following table. My guess is the excess inventory was above 1.8 million on April 1, 2010, and that the excess is probably several hundred thousand units lower now. Tom Lawler thought the excess was in the 1.6 to 1.7 million range on April 1, 2010, and is probably in the 1.2 to 1.4 million range now.
It is no surprise that Florida has the largest number of excess vacant units and that Nevada has the largest percentage of excess vacant units. What might be a surprise to some is that California is below the U.S. average.
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