Home prices are rising at a higher rate than incomes are growing.  While income has ticked up 1-2%, home prices have been growing 5-6% per year.  This is creating an affordability crisis.  Now homes owned  are at a 50 year low at 63.5% of households.  Although mortgage rates are at a low of 3.5%.  When the supply reaches closer to 6 months – the definition of a balanced market- we will see the best of all worlds:  RISING new homes sales, existing-home sale, home and finally a RISING home ownership rate.