By Les Christie, staff writer March 18, 2011: 4:14 PM ET
NEW YORK (CNNMoney) — It’s not always easy to feel sorry for sunny Florida. But they just got hit with another blow.
On Thursday, the Census Bureau revealed that 18% — or 1.6 million — of the Sunshine State’s homes are sitting vacant. That’s a rise of more than 63% over the past 10 years.
Having this amount of oversupply on the market will keep home prices depressed and slow any recovery.
During the housing boom, Florida was among the hottest real estate markets in the nation. Homes were snapped up by the state’s growing population as well as hordes of investors confident that prices would continue to soar.