Empty homes list pinpoints top US cities

Orlando is one of the locations with the largest number of empty new build homes, a study has revealed.

Housing research firm Metrostudy found that the city has an 11.7 month supply of such dwellings, the Orlando Sentinel reports.

Other locations with high levels of empty new homes include Las Vegas, San Diego and southern California, the research found.

Commenting on the effects on values of such a situation, Metrostudy's chief economist Brad Hunter remarked: "The higher the months of supply, the greater the downward pressure on starts and prices."

These locations could offer a range of bargain properties for investors keen to take advantage of such low prices.

In the case of Orlando, it will be at least late 2009 before there is a recovery in the market, Metrostudy said in November 2008.

This could mean that buyers have most of the rest of this year to capitalise on the situation.