Faithful readers....................

 .............are aware I am a big fan of Ben Carlson and his A Wealth of Common Sense blog.  While that hasn't changed, there is a rather large bone to pick with his recent "How the Fed screwed up the Housing Market" post.  Any discussion about the housing market between 2015 and 2022 that does not focus on the lack of supply of housing options (both single and multi family) will miss the main point.  No matter how hard economists may try to repeal the law of supply and demand, they can't.  The supply/demand imbalance in the housing market has never been greater since the early 1960s.  The Fed can play with interest rates to their hearts' content.  Such actions may help or hinder specific buyers/sellers, but until the supply of new homes catches up with a decade of under-building on a national scale, the culprit behind a screwy housing market will be the shortage of new construction.