(Reuters) - The number has been steadily climbing since the fourth quarter of 2004 when it was at 1.8 percent and indicates a housing market bloated with speculators, said William O'Donnell, head U.S. government bond strategist at UBS Securities LLC in Stamford, Connecticut.
"This is more pressure on the housing market and shows that the path to recovery is going to be that much longer," he said. "We just think it speaks volumes for the speculative nature of the housing market."
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