Commentary Yankees legend Yogi Berra once said: “It’s tough to make predictions, especially about the future.” Nonetheless, I provide my forecast for the housing market below. First, let’s explore how we arrived where we are today. Understand that three fundamental value drivers are: scarcity, utility, and demand. Let’s parse all three in order to draw our trajectory of future house prices. Scarcity I’m not predicting a housing price crash. The real crash in real estate has already happened—and it’s even worse than you think. Many prognosticators called for a price crash by now. It didn’t happen. Some did not consider that the government will jump in with air cushions and safety nets (mortgage forbearance, eviction moratoriums) to see that people don’t lose their homes. Others didn’t foresee the unprecedented monetary stimulus. Few realize that the housing crash has already occurred! It is a supply crash. This is the crash that one …