WASHINGTON, Feb. 13 (UPI) -- An expert warned that the current glut of vacant homes in the United States is delaying a possible recovery of the country's housing market.
The latest figures indicate that more than 14 million units are vacant, USA Today reported Friday.
The United States has a combined vacancy rate of almost 15 percent if an estimated 4.8 million seasonal or vacation homes are included, the newspaper says.
Nicolas Retsinas, head of Harvard University's Joint Center for Housing Studies, says the numbers are further proof of the gravity of the U.S. housing problem.
"This inventory is delaying any kind of housing recovery," Retsinas told USA Today.
Historically vacant housing was a problem in poor neighborhoods but now vacancies can be found in suburbs and new subdivisions. Census numbers show homes priced at $500,000 or more are just as likely to be empty as those costing less than $100,000, USA Today said.
