Click through to the census site and you’ll find the data is not so apocalyptic. There’s 1.9M for sale and 2.7M off the market (which probably includes remodeling). The rest is in a variety of categories: 3.8M vacant rentals (mostly very temporary, I’m sure), 3.9M seasonal homes, and smaller amount used occasionally, awaiting occupancy, or serving as temporary homes.
At present I’d guess most of the stuff off market is investor properties. So the banks have put at least the majority of their stuff up for sale, or are in the process.
