Fannie Mae's Doug Duncan: Lack of inventory is holding housing market back big-time

Low mortgage rates have spurred an increase in mortgage applications (although it should be noted that applications have fallen in the last two weeks) and refinances, but despite these gains, America’s home sales remain below historical averages. So, what’s the deal? Well, a lack of housing inventory is one big factor. In an exclusive interview for the season finale of the Housing News podcast, Fannie Mae Chief Economist Doug Duncan explains what’s behind the nation’s inventory problem.