What would you think if you walked into your favorite grocery store and saw that the shelves were 80 percent bare? It echoes in there. The store is only one-fifth stocked. It’s eerie. Let’s call it “shelf awareness”. What kind of feelings does this evoke inside of you? These store shelves represent the available supply of American housing today. Supply is only a one-third of its 2018 level. Further, it’s an astoundingly scarce one-fifth of the supply that it would take to bring the housing market into balance. Are you looking for a housing crash? I found it. I’ve said for a long time that the real crash in U.S. real estate has already happened. It’s not a price crash. It was a supply crash that began in April of 2020. This is a big reason why I don’t expect any housing price crash. When supply is low, this fuels …