Posted on 08/15/2022 8:49:47 AM PDT by ConservativeInPA
The home builder confidence index fell to 49 in August for the eighth straight month. Economists surveyed by the Wall Street Journal expected the number to be 54.
The numbers: The National Association of Home Builders’ monthly confidence index fell 6 points to 49 in August, the trade group said Monday.
The August reading of 49 is the first time since May 2020 that the index fell below a break-even measure of 50.
One year ago, the index stood at 75. In January this year, the index was at 83.
The decline was the eighth straight month in August. Economists surveyed by the Wall Street Journal expected the number to be 54.
(Excerpt) Read more at marketwatch.com ...
I’m building in the NE, and it’s expensive as f.
The builder tells me if I had waited six months longer the total bill would have been up 17%.
He doesn’t tell me how much I’d have saved if I did this three years ago though.
We were already in a housing shortage caused by about 10 years of underbuilding. Here comes more damage for those in the working/middle classes.
Re: rental. I live in rural NC mtns Appalachia, and a neighbor is renting out his 1932 house 2 bed 1 bath, average to poor condition on gravel road, wood stove is heat source for NINE HUNDRED dollars. I am shocked at this price.
He said the rental in local town is hard to find.
Does anyone know if this is the same all over US/
Shouldn’t we rethink how we make homes? I’ve seen steel kit homes that can be transported on a flatbed truck and easily assembled on site.
You see a lot of these in the Arkansas delta because insects eat wood homes down so quickly.
Everything else is made in factories which drives prices down. Why not houses?
Small 1 bedroom apartments in suburbs of Minneapolis/St. Paul (20 miles out) are going 1600-1900 a month now.
Rentals are extremely hard to find where I live. I see pleas on Facebook all the time, begging for a place to rent. Two houses on my street that were rentals are now owner occupied. It seems like fewer and fewer people want to be landlords, so people with an extra house or two are selling them. And who can blame them after the eviction moratorium. Corporations are buying up all the apartment complexes they can. So this is a national problem.
I don’t know if this compares but I live in a town of about 25,000 people in Indiana and you can’t find an apartment for $900 a month. Cheapest is a little over $1000. This is two bed, one bath apartments. Houses are probably around $1200 or more in rent. It’s insane.
My first house (same town) that I purchased in 2001 for $74,000 now lists for $180,000.
Hey neighbor. I am in east TN… used to live in weaverville… yes it’s the same everywhere. My youngest still lives in WNC.
A one bedroom apartment in southern NH is between 1500-1900/month.
A two bedroom is $2000 or more
A Two bedroom in Boston is $3500/month.
Many rental properties have gone up in price because of their value as a vacation rental properties. VRBO, AirBN, Homeaway are affecting rental values all around the country. Meaning, you can make more money renting out nightly or by the week than you can monthly.
The price of lumber is back down to about where is was in 2019. Before the huge run up during covid.
The price of plywood and osb is still about double of what it was three years ago. These are wholesale pricing I am speaking about. The retail prices will gradually fall into the fourth quarter of 2022.
For a couple of years, landlords were not able to evict delinquent renters. With the spike in real estate prices, it wouldn’t surprise me if landlords just sold their properties and washed their hands of the whole mess.
In the beginning of 2020, while talking to a worker at Home Depot, he told me that framing packages had more than doubled.
$900 sounds cheap for a house.
Studio apt. In Ca. almost 3,000 a month, that is one damn room with a bathroom, it is no wonder there are THOUSANDS of homeless everywhere here!! I was living in a beach community the homeless situation became SO AWFUL there I sold my house and moved to the desert where it is to damn hot to pitch a tent and live on a sidewalk!! There are NO homeless living on the streets here and the city is VERY CLEAN and well kept!! I feel very blessed that I sold my house a year ago with increased interest rates the buyers market is definitely not what it was a year ago, many do not qualify now!!
Good for you!
I know some apartments up here are about 800 square feet for 1200/month. Housing is expensive!
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