Mark Hanson - [Past] Peak Housing

``Housing sits in a precarious position. There is no shortage of houses "in which to live".  Just the opposite, in fact. My research shows that in the past six-years houses were over produced by three million units -- SHADOW CONSTRUCTION -- while household formation remained weak. Moreover, house prices are too expensive. That is, on a monthly payment basis using the popular loan programs of each era monthly payments for the average house are 35% higher today than in 2006 despite prices being moderately lower.''