The percentage of vacant houses is an old fallacy (most vacant houses are second homes / vacation homes). The role of the Fed is exaggerated too. Money is “free” because interest rates are low. Interest rates are low because there’s not enough demand for borrowed funds: the household sector is deleveraging (outstanding household debt has been going down every month since early 2008)< and businesses aren't investing. Commodity speculators are the only ones left to borrow.
