The current housing shortage is rooted in housing construction trends from 2010 to 2020. During this period, new home starts were just 50% of the prior decade. According to the Mortgage Bankers Association, the US is currently on track to exceed 1M in single family starts in 2021 and will likely continue this trend annually well into 2023. The last time the 1M mark was crossed was 15 years ago in 2007. It is estimated the current housing shortfall is roughly 3.8 million single family housing units.