contributor Morgan Housel chimes in on what could be the first steps of a new housing boom. 

Morgan points out that in the lead up to the housing crisis, we were building about 700,000 more homes than we needed each year, and now we're about 500,000 homes shy of what we should be building each year. 

After a few years of moving through excess inventory, it looks like we could be on track for another boom -- the U.S. economy looks able to support about twice as many homes as we are currently building each year.

Austin Smith owns shares of Wells Fargo. The Motley Fool owns shares of Bank of America, JPMorgan Chase, and Wells Fargo. Motley Fool newsletter services recommend Wells Fargo. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.