by Calculated Risk on 4/27/2007 12:50:00 PM

The Census Bureau reports the Homeowner Vacancy Rate was a record 2.8% in Q1 2007. Rental vacancy rates also increase to a near record 10.1%.

Click on graph for larger image.

This graph shows the recent surge in the homeowner vacancy rate. This is further evidence of the significant supply overhang in the housing market.

Fannie Mae economist David Berson has estimated the overhang at 600K units. This data from the Census Bureau suggests the overhang may be closer to my estimate of 1.1 to 1.4 million units.