In a recent forum in New York, October 5th, 2012, Governor Elizabeth A. Duke of the Federal Reserve discussed vacancy rates concerning residential properties.
Duke indicated that since the beginning of the year, home values have decreased in 1/4th of the zip codes in the United States. Duke indicated that many vacant homes are not even for sale as they are in various stages of the foreclosure process. Other issues that arise from this issue is that vacant homes become in a higher state of disrepair. This condition invites property theft. It also makes the neighborhood less desirable to future buyers, renters and businesses.