Yep. The shortage is overblown. Just look at past crashes (e.g. Ireland, Spain, etc). The crashes weren't caused by oversupply of housing, but a credit shortage

Yep. The shortage is overblown. Just look at past crashes (e.g. Ireland, Spain, etc). The crashes weren't caused by oversupply of housing, but a credit shortage. After the crash the so-called 'shortage' magically disappeared and people stopped talking about it (until the next boom).