The marketplace can be a tough taskmaster, or reward us kindly. We can see its powerful influence in the cabinetry firm auctions, mergers, and closures. As well, in the litany of reinvigorated wood industry business springing up, or reviving, around the country.

Homeowners are suffering from a sense of "lost wealth," say economists, as home equity has declined or disappeared. While interest rates are falling, reducing payments for those with adjustable rate mortgages, the sense of loss is great among the nation's 85 million owner-occupied homes (that's 65.1 percent of the 131.7 million U.S. housing units).

The perception that homes can't be trusted to appreciate, and homeowners' sense of reduced wealth, dampens the enthusiasm for consumer spending. Market anomalies appear: despite 15 million vacant homes, analysts say there is also shortage of desirable housings. And despite the fact there are over 3 million homes for sale.

The shortage of housing, usually a positive indicator for new construction, results from a slowdown in bank foreclosures that generate low priced housing. And from as many as one million homes being held off the market as sellers wait for prices to rise.

But there are bright spots. Nationwide housing starts rose 15 percent to a seasonally adjusted annual rate of 658,000 units in September, the strongest pace of residential construction since April of 2010, says the U.S. Commerce Department. The gain shows a sharp increase on the multifamily side, as consumers move to rentals.

And cabinet manufacturer Fortune Brands showed its faith in the market, taking public a $3.2 billion home cabinet, door, window and security business.

Ultimately, the 15 million vacant homes are an asset that savvy marketers will figure out how to capitalize on. And once a market for these homes is established, they will likely generate a healthy business in remodeling, or in some cases, demolition. Either way the demand and supply will ultimately reach a balance, and we'll get back on track.