The WSJ says there is a "historic shortage of homes". That's nonsense, but sales are depressed. Why? Real wages explain.

The Wall Street Journal claims there is a Historic Shortage of New Homes.

?

Housing Crisis?

Supposedly that picture constitutes "The Next Housing Crisis".

Why? Is everyone entitled to a home?

The Journal interviewed one builder who was burnt in the Great Financial Crisis. When the market crashed, he was stuck sitting on inventory. He learned his lesson and will no longer build on spec.

That seems like a smart move to me.

"Nationwide, membership in the National Association of Home Builders peaked at 240,000 in 2007, then dropped to 140,000 in 2012, where it has remained throughout the recovery."