That’s a good point, Eugene. I DO think there is a high percentage of vacancies in very distressed parts of the country, such as Detroit, MI. However, many, many people have vacation homes which are never rented and always left furnished with supplies for family and friends to visit. I believe the bulk of vacation homes nationwide are owned free and clear. Whenever I visit certain lakes in the southwest part of the country in the summer, I see many vacant homes, some with private boathouses and quite a few are over 2500 sf with multiple garages. The lawn is mowed and all is well.
The same is true of homes here in SD county which are owned by persons living in other countries (such as Mexico). Many are “vacant” with an alarm system, pool servicer and gardener and the owners come and enjoy them whenever they are able to :=]
I think this vacancy figure (that needs to be absorbed thru sales) is high but I can’t say by how much.
