The overall housing vacancy rate dropped to 10.2 percent in the fourth quarter of 2012. The rental vacancy rate was 8.7 percent, down by 0.7 percentage points from its year-ago level, while the rate for ownership units was 1.9 percent, down 0.4 percentage points from last year. It is also important to note that units can switch back and forth between rental and ownership. Thirty percent of the rental units are single family houses.

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For more, check out the latest Housing Market Monitor.

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