The terms Housing Shortage and Housing Bubble get thrown around a lot.

Converting the garage just caused the city issues, more people meant more sewer in aging pipes, more water demand in a place facing water shortages, parking issues as now people can't park in the garage and have to park on the street, demand on emergency services, streets blocked by cars parking on the street, more trash, etc.   

We're in a housing shortage now and even those negatives he cites are not enough to seriously harm the market, based on experience here in IL ("the sky is falling" here with regard to people leaving, etc. - I've yet to see any ghost towns in IL - yet!).

There is a shortage of people to fill current jobs in the DC area, so even if the White House was able to get through the cuts it wants, many of those people would simply be absorbed into the current opening of jobs.  

Depending on the state and whether it is judicial foreclosure or Trustee sale, if the house sells at auction for less then is owed on the loan, the homeowner in default could be held liable for the shortage.

You'll find no shortage of great info right here.    

Does that sound like there is a shortage of people to buy or that there are homes sitting waiting for a buyer?

As far as investing goes, there are a lot of investors focusing on the area and we have a shortage of good deals.

Dalton - Currently there is a real shortage of condos in Denver.  

There is no shortage of tenants, so why open up my newly rehabbed property to an element of unknown?