Posted on 06/07/2021 5:46:51 AM PDT by deport
The price of lumber in the U.S. has tripled during the coronavirus pandemic, adding thousands of dollars to the cost of a new house. Framing lumber was priced at $1,200 per thousand board feet as of late April, a 250% increase from the year-ago period when the price was about $350, according to an analysis from the National Association of Home Builders (NAHB). For house hunters, that adds an average of nearly $36,000 to the price of a home.
Homeowners, stuck indoors during the pandemic, have recently been buying up lumber to complete renovations or additions on their house, Jannke told Villarreal. Another factor pushing up lumber costs is that more Americans are leaving big cities and buying new homes in the suburbs, he said.
(Excerpt) Read more at cbsnews.com ...
Just sold our house...in 4 days...closing in 20 days...at list price (realtor raised the asking price when we signed the agreement). The market is crazy...wonder when the crash will come.
Yew wood knot want for her to be board. Though she may pine to leave you in the larch for that, oak-ey dokey?
They need to branch out more and find the root of the lumber problem.
Dang, I can’t think of any more tree puns. I’m stumped.
My neighbor is packing up his home to move to Texas. He asked me if I wanted anything out of his workshop. He had probably $3K in lumber and PVC. You bet your sweet bippy I took it.
7/16” x 4x8 sheathing is currently $56 at the local Lowes. Pre-covid price was $9 per sheet.
It’s just another Commie plot to drive Americans out of single family home ownership and the suburbs, and into government apartments. There’s a Commie dream program to do just that.
6 years from now, you won’t be able to give away lumber. The housing bubble will be over, the builders will have overdeveloped AGAIN, and inventory will be too large AGAIN.
I don’t believe we will go through another foreclosure crisis like 2009/10 when everybody’s adjustable loans reset 5 points higher, but I think there are going to be a fair amount of forclosures coming onto the market after the banking moratoria end on mortgages. Remember, those temporarily stopped mortgage payments are being added to the back end, so those loans are quickly getting larger. Most will pay but some will walk away and go into foreclosure.
The point is, the overdevelopment combined with some foreclosures will lead to a new buyers market.
I guessed 6 years, but who knows the timing? I wouldn’t buy a house today for all the tea in China. I would wait until homes are not moving and market inventory soars.
All good things come to those who wait.
If you can’t afford to own, RENT.
standard 8x8x16 blocks here are $1.49ea which isn’t much higher than pre-covid.
Of course. Over 150 years of failure means nothing.
Because black folks can’t get a saw or tape measure, right Pedo joe?
Prices are NOT Increasing! The Fed with Joe and the Ho by thier side is STEALING THE VALUE of your Money and Debasing the Currency.
nice try CBS, but prices didn’t triple due to Covid, they tripled due to Biden.
The market has low inventory, circumstances have made the market adjust.
Insurance rates in Alberta are already climbing, and they’re charging more and insuring for less.
During the plandemic, people were losing their shirts, so there were many fires and other issues, so I was told by my broker that the companies are paying out for more than they’re bringing in, so hence the increase in prices. I said great. Others commit fraud and I have to pay for it. It’s insane how fast it’s jumping up, meanwhile nobody I know including myself are making any more per day or anything, so all that happens is the middle class keeps shrinking. That’s their goal anyways at the end of the day, but sometimes it happens without the elites direct involvement.
^^^ “was” the adjuster’s estimate? Should be “saw”. Not a good sign that I am reversing letters in a word and not catching it. :(
That’s what we heard Janet yellin’ about last week. And Pedo Joe says he sees no evidence of it. 😲💸💸💸 Now, be a patriot and get yer 💉. Us, willin to “pay the price”.
It’s not just new houses that have skyrocketed in price, good existing
homes have gone up big time as well.
**********
Yep, We relocated about 8 yrs ago. My daughter who is in real estate
sales says the home would be at least double what we paid for it.
That’s not money in the bank because if we sold we’d have to pay
the inflated price on the new purchase. Crazy world out there.
shouldn’t the headline be: “Surging lumber prices put buying a “new” home out of reach for many Americans”
Hah! Nicely done and well thought out!
That was a good laugh in an otherwise dreary Monday morning.
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