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Thursday, March 31 2011 - By Kay Lynn Clay
Despite vacancies decreasing in nearby Lacawanna County, Luzerne County's vacancy rates have increased over the past decade.
Despite increases in population in both Lackawanna and Luzerne counties over the last decade, home vacancies have decreased only in Lackawanna County, while they increased in Luzerne County, according to the Times-Tribune.
Lackawanna County's vacancy rate fell from 10.6 percent in 2000 to 9.9 percent in 2010. However, Luzerne County's vacancy rate increased from 9.7 percent to 11.3 percent during the same period. A potential reason for the disparity include higher unemployment rates in Luzerne County - 9.7 percent compared to Lackawanna's 9.1 percent, the source said. Luzerne County also has lower overall earnings, with an average per capita income of $23,166 compared to Lackawanna County's $23,774. These seemingly subtle differences can be important in an economy that is struggling from high foreclosures, unemployment, and restricted lending. "It's not as much of an American dream anymore to own one's own home," economist Dr. Anthony Liuzzo of Wilkes University told the source. "There's a hesitancy about moving and taking on new debt." Rundown vacant homes can worsen the real estate market of a location by devaluing nearby properties, experts say. Some cities have taken drastic measures to deal with the problem, including Webster, Massachusetts, which has resorted to posting homeowners contact information in front of abandoned properties. More News |
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