"The West which is seeing the largest population growth and largest decline in average property values "
Anybody care to address this?
"When you use the current figure of 2.4 it paints a very different picture of housing supply."
The picture it paints is the housing shortage is self inflicted from consumer choices/sentiment, not due to an acute shortage. If the average number of people per household remained the same since I think 2001, there would have been more properties produced than corresponding rise in population. The average number of people per household has remained fairly stable for the last three decades in America (2.67 in 1987), so I would be wary of several decade extrapolations from current trends.
