If only it was easier to get a mortgage. It would be a buyer's paradise.

There are more empty homes than at any other time in U.S. history and a greater number of empty homes tends to create price breaks for buyers.

And don't forget, the greater number of empty homes is largely due to the glut of foreclosures, which themselves can be cheaper than homes that owners plan to sell.

The nation's supply of empty homes rose to a record 18.6 million in the first quarter this year, according to the U.S. Census Bureau.

The vacancy rate, the share of unoccupied homes for sale, also hit a record of 2.3 million, up nearly 3 percent from a year ago.

The West was hit hardest with the biggest gain in vacancy rates, up 7 percent.

Vacancy rates fell in the Midwest and the South, but also rose in the Northeast.

Rising foreclosures have been caused in part by resetting rates on adjustable rate mortgages (ARMs), which, in turn, cause unaffordable higher monthly mortgage payments.

Some people walk away from homeownership because they purchased more than they could afford with little money down at the peak of the market. Now, falling home prices find them with an "upside down" mortgage -- that's a mortgage with a balance larger than the home's value.

Job creation has also been sluggish and that hasn't helped those who want more work or higher wages to pay for more expensive mortgages.

The first quarter 2008 rate of homeownership remained at 67.8 percent, where it was in the last quarter last year -- the lowest level since the first quarter of 2002.

But there's always a silver lining.

With these market conditions, home buyers with down payment cash and excellent credit can land the deal of a lifetime on a home.

Published: May 6, 2008

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Broderick Perkins parlayed a career in old-school journalism into a contemporary digital news service that really hits home. The award-winning consumer journalist, originally from Wilmington, DE, is founder, publisher and executive editor of the bootstrap DeadlineNews Group, a Silicon Valley-based editorial content and consulting service specializing in residential real estate, consumer news and related editorial consulting services. The DeadlineNews Group includes the Web site, DeadlineNews.Com, offering real estate editorial content and consulting services, and its back shop, the Deadline Newsroom, an open house on news that really hits home. Perkins obtained his formal journalism education from University of Delaware and a journalism boot camp, the Institute of Journalism Education at the University of California-Berkeley. He went on to 20 years of service as a daily newspaper journalist at the Wilmington, DE News Journal and San Jose, CA Mercury News. Perkins covered housing on the San Jose Mercury News reporting team which earned a General News Reporting Pulitzer Prize in 1989 for coverage of the Loma Prieta earthquake. He has also produced real estate, consumer and small business content for the Wall Street Journal, Los Angeles Times, RealtyTimes.com, Nolo.com, Better Homes and Gardens, the National Association of Realtors, Homestore/Move and Intuit/Quicken among more than three dozen publications. In addition to managing the DeadlineNews Group, Perkins most recently served as chief editorial consultant for "Nolo's Essential Guide To Buying Your First Home" (Nolo $24.99) and writes real estate television scripts for RealtyTimes.com.