There is definitely supply in the U.S. housing market. A recent report from the Census Bureau found that 11 percent of U.S. homes are empty, as both high unemployment and lower-wage jobs continue to plague the economy.

There are about 131 million houses in the U.S., with only 112.5 million occupied. Only 74.8 million of them are owned, a drop of about 30,000 since 2009, while 38 million people have chosen to rent.

The number of vacant homes up for rent fell by about 493,000, and 471,000 homes are listed as “held off market”. Half of those 471,000 are up for temporary rent, while the other half are empty due to foreclosures.

Credit has become more difficult to get, and according to the Census, the median cost of a housing unit in the U.S. still is about five times that of the median household income.