One in nine homes vacant

One out of every nine homes nationwide is vacant, according to the Census Bureau. Edward Glaeser, an economist at Harvard University, said he expects it will take two more years to absorb the 14 million empty homes, and other housing analysts have said it could take until 2014 for the units to be absorbed. And about 700,000 more homes are being built around the country this year, according to Arthur Nelson, director of the Metropolitan Research Center at the University of Utah.