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Shelter Inflation: Is there a Shortage of Houses?

Home prices are soaring. No, it's not a shortage.
case shiller 2021-01

Is there a shortage of houses or simply a shortage of houses that people can afford?

Allegedly there was a shortage of housing in 2007. Then suddenly there was a surplus. 

When prices are surging and speculation is high it appears like a shortage is on the way.


Then at the peak of every market it always seems like there is a major shortage. 

I am not suggesting we are at the peak. 

But alleged shortages are a sign of speculation coupled with free money from Congress and easy money from the Fed.