How I wish that media spin-meisters (especially those who are bullish on housing in this market) would take a basic class in economics.
Demand and supply are always related to price. Yes, there is a shortage of housing. No, there is no shortage of two bedroom condos in the $400K – $500K range, especially in Orange County.
If anything, the demand for low-cost housing will create downward pressure on homes, at least those that are unaffordable (by definition, most homes on the market).
