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The house isn't vacant for a year in most cases. In fact it's not vacant until the hose is already lost and repossessed by the bank. Then the bank sells the house and are willing to lose 5k to sell a house they may have already gotten 100k on. But this isn't an issue in America because houses do not stay vacant for a year. In fact they don't stay vacant for 6 months before they are sold.
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This is not what your news services (various) are reporting. It's also contrary to what some other posters have said in this thread. This is the main reason for the views I hold. A large proportion of untennanted houses is bad in anyone's books, regardless of whose fault it is.
The whole point is that if an economy is not growing - regardless of how slowly which of course is generally preferable to rapid growth - then it's slumping. If the economy slumps because of massive slumps in the housing industry, particularly the US economy, the whole world suffers.
This is the reason for my interest in this problem.
Ultimately, it's your country and you and your fellow citizens will do what you want without consideration for how those actions affect the rest of the world (seemingly), but people from other countries will definitely be affected by what is happening in your country right now.