The homeownership rate increased in the '90s and early '00s because of changes in demographics and "innovations" in mortgage lending.
The homeowner vacancy rate was 2.6% in Q1 2010.
A normal rate for recent years appears to be about 1.7%.
This leaves the homeowner vacancy rate about 0.9% above normal. This data is not perfect, but based on the approximately 75 million homeowner occupied homes, we can estimate that there are close to 675 thousand excess vacant homes.
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