by Calculated Risk on 10/31/2005 10:15:00 AM

The Census Bureau released the 3rd quarter Housing Vacancies and Homeownership (PDF) report today.

National vacancy rates in the third quarter 2005 were 9.9 percent for rental housing and 1.9 percent for homeowner housing ...

The Home Ownership rates was 68.8%.

The housing survey is subject to large errors and readers must be careful evaluating quarter to quarter changes. But the report does show these trends:

1) Vacancy rates might have peaked for rental housing at the historically high rate of around 10%, and

2) The vacancy rate for homeowner housing is at a record level and might still be increasing.

This level of vacancies indicates significant excess housing capacity.

Here is the Census Bureau site for Housing Vacancies and Homeownership with definitions and historical tables.