Special Edition: Real Estate and Renovation Frenzy

Today we're talking about the booming housing market. The National Association of Realtors says home prices are at record-high levels and still climbing. The trend is fueled in part by a lack of supply. There are simply not enough houses to accommodate everyone looking to buy one right now.

We're talking about all this and more with Daryl Fairweather, the chief economist for the real estate brokerage Redfin. She says the current situation exposes deeper, more fundamental problems with the housing industry that desperately need to be fixed.

But first, we'll hear from the contractor and real estate investor Scott McGillivray. He's the host of the HGTV renovation show "Vacation House Rules," which is now in its second season. He's talking about how material shortages have impacted the building industry, weighing in on the state of the rental market and explaining why remodeling may be preferable to buying a new house right now.

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