Posted on 04/14/2021 9:33:00 AM PDT by blam
With median prices for both existing and new homes at all time highs, and soaring at a record annualized rate of almost 20%...
... increasingly more Americans find themselves priced out of homeownership, while still cautious banks refuse to lend them the mortgages they so desperately need to live the American Dream (on credit).
And unfortunately, since most US houses are made out of wood, we have even more bad news: home prices are about to get even more expensive if for no other reason than the frenzy sweeping the lumber market is set to keep going through the summer peak of US home building as labor shortages and depleted inventories mean that supplies can’t keep up with skyrocketing demand.
As Bloomberg summarizes what we have observed across the past few months of torrid, sometimes panicked, ISM Survey Responses such as this one...
“Things are now out of control. Everything is a mess, and we are seeing wide-scale shortages.”
... there is an unprecedented shortage and tightness across the entire timber supply chain. Sawmills have had trouble ramping up fast enough to meet the surge in demand. Meanwhile, trucking delays and worker shortages at lumber yards have added to costs, which are now getting passed on to consumers. Worst of all, the bigger cost component of any new house l Lumber prices - have surged more than 60% to record highs this year, and analysts aren’t expecting any relief until late 2021, if not later.
That, according to Bloomberg, will keep pouring fuel on red-hot home prices, making ownership less affordable for large swathes of the population (one would almost think it was the Fed's plan to destroy the middle class). Soaring wood costs have already added more than $24,000 to the price
(snip)
(Excerpt) Read more at bizpatriot.com ...
Don’t pay and go out of business. Then learn to code.
Fixed it.
My, how snarky.
I put forth an example of how government mandated wage increases is contributing to economic upheaval and your mocking response is to just pay it.
Are you sure you are on the right forum?
Here in NC the minimum wage is 7.25/hr. Aldi is opening up a new store in the town I live and for part time (up to 30 hours week) cashiers and stockers, the starting wage is 12.70 hour.
That says a lot about the marketplace.
https://careers.aldi.us/job/goldsboro/part-time-stocker/61/18795227
The properties need to be in a good location and tenants have to be carefully screened. So far, I have not had any of the troubles you describe.
“Here’s a tip: PAY MORE.”
How many people are on YOUR payroll?
“...(homeowners insurance) policies are going up all over the place because building supplies are going up so much...”
Ripple effect.
“Keep those pantries and freezers full folks, gonna get interesting.”
Been doing that. Canning meat and drying fruits now.
Here comes hyperinflation.
The lumber increases started over 6 months ago. The price of a 2”x4” stud was about $2.75 in March 2020. By December 2020, the price was $6.30. This has been happening for the last 10 months or more.
Helping someone like that is more like empowerment or aiding and abetting. No, on that the bucks stop from me.
Sure looks like it. As Bidama and the giggling horse he rode in on fundamentally transform the nation, all the wonderful benefits of a centrally dictated economy will be more and more realized. Shortages are to Socialism as Bounty is to Capitalism.
Search ‘Alaskan sawmill.’
Probably a minimum of $100k for the redwood.
One of our sons and his wife moved into a fairly new condo.
They needed to replace some of the decking on the west side and SW side, rainy side. His wife’s daughter works at the local hardware/lumber store. Even with her discount the cost of redwood was outrageous. They went with ironwood which blends in and saved them about a grand on lumber. Their neighbors did the same and saved a lot money to buy a lot of dinners.
uh-oh
#8 All of it is because gov’t politicians and bureaucrats are in the way. Think of them as termites.
Luckily the soaring price of gasoline won’t be part of that ripple effect.../s
THANKS!!!!!!!!!
“Luckily the soaring price of gasoline won’t be part of that ripple effect.../s”
Well, with lockdown and working from home and food delivery and Amazon delivery...our gas consumption is pretty low now. Heck, the alcohol’s settling out of the gasoline in my car, so I added a draincock to the gas tank.
I hear ya. I could use a few sheets but not for 30 bucks ea.
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