14  The inventory of REO for sale is roughly 140,000 units above its 2004 level, while the inventory of vacant homes for sale is roughly 600,000 units above its 2004 level, per Federal Reserve staff calculations based on data from CoreLogic and the Housing Vacancy Survey.
15  More precisely, Federal Reserve staff estimate that about 75 percent of REO properties are in neighborhoods where the median house values and incomes are greater than 80 percent of the medians for the metropolitan area. 16  Data on median home values, income, and commute times are from the 2000 census, available on the U.S. Census Bureau website at www.census.gov/main/www/cen2000.html.