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The Next Housing Crisis: A Historic Shortage of New Homes

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The Wall Street Journal (subscription) headed to Grand Rapids, Michigan, where it found builders can’t afford to build at entry level. Home construction per household a decade after the bust remains near the lowest level in 60 years of record-keeping, according to the Federal Reserve Bank of Kansas City. What makes the slump puzzling is that by most other measures, the American economy is booming. Jobs are plentiful, wages are on the rise and the stock market is near record highs. Millennials, the largest generation since the baby boomers, are aging into home ownership. Bob Snowden, a home builder in…

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Prices for Wood, Other Construction Materials far Outpace Other Commodities, BLS Says

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By Craig Webb Government’s latest PPI report shows annual price hikes of as much as 27% Wholesale prices for construction products–particularly wood–have risen several times faster than for wholesale goods overall, today’s Producer Price Index report shows. The Bureau of Labor Statistics’ (BLS) monthly report found softwood plywood prices were 26.9% higher in February than in the same month in 2017 and had risen 5.3% just since January. Meanwhile, wholesale prices for wood trusses rose 17.3% and 4.6%, respectively, while laminated veneer lumber prices rose 4.8% for the year and 0.1% over the month. Millwork products rose 4.4% for the…

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‘Aging in Place’ Begins Early: Report

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By Suzanne De Vita, RIS Media Homeowners are getting older, and to continue on in their current house, improvements are necessary. “Aging in place,” however, is not just about adding railings and ramps—in fact, 46 percent of homeowners aged 75-plus began improvements early with the expectation that they would grow older, but stay put, according to a HomeAdvisor report. The most common remodels, the report shows: Add Lever-Style Doorknobs Add Pull-Out Shelves Add a Smart Fire Detection System Add a Smart Security System Replace Stone/Tile With Carpet/Wood Homeowners at an earlier stage, aged 55-75, are also making modifications, but not…

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Lumber prices started to rise as wildfires destroyed prime forests and Hurricane Irma temporarily shut down Florida and Georgia mills.

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According to The Wall Street Journal, lumber prices started to rise as wildfires destroyed prime forests and Hurricane Irma temporarily shut down Florida and Georgia mills. A trade dispute between the U.S. and Canada, which supplies one-third of U.S. lumber, exacerbated the issue. And on top of that, a shortage of railcars and trucks has driven up transportation costs. WSJ reports: Material prices now rival labor shortages as builders’ main concerns, a National Association of Home Builders survey showed in January. Prices for common building varieties like spruce and southern pine are at or near records, according to price-tracking publication…

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Missoulian: Lumber prices have timber mills cheering, but home builders passing cost to buyers

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From Missoulian.com: Just as there are two sides to every coin, the relatively high and stable prices for lumber over the past year have the Montana wood products industry happy — but home builders are frustrated because they have to pass on those costs to consumers in the midst of already lofty housing prices. Todd Morgan, the director of Forest Industry Research at the University of Montana’s Bureau of Business and Economic Research, said lumber production fell in Montana from 506 million board-feet in 2016 to 481 million board-feet in 2017. But tight supply coupled with high demand kept prices…

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Zillow: Home Inventory to Shrink 10% in 2018

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Says for-sale inventory is stuck at “crisis levels” in some of the nation’s hottest housing markets where home values are appreciating fastest. Home shoppers looking to buy in 2018 will have 10% fewer homes to choose from than a year ago, according to the December Zillow® Real Estate Market Reporti. For-sale inventory is stuck at crisis levels in some of the nation’s hottest housing markets where home values are appreciating fastest. In San Jose, Calif., there are 41% fewer homes on the market than a year ago – the annual percentage change in inventory has been falling at a double-digit…

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Builder: A Bullish New Year for New-Home Building

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While the challenges of 2017 will continue, economists have high hopes for home building in 2018. According to Mark Zandi, chief economist for Moody’s Analytics, prospects are good for the U.S. economy in 2018. Economic expansion celebrated its eighth year in November, making it the third longest in American history. Zandi expects this expansion could become the longest in history, possibly surpassing the tech-driven boom of the 1990s, which lasted 10 years… Read the full article here!

Having Trouble Finding Your Dream Home? Building New is the way to go.

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Based on research done by Zillow, one of the world’s biggest online real estate database companies, it seems that in today’s market building can be better than buying. We all have our ideal dream home in mind when purchasing a new home. Sometimes you know exactly what trims you want, layout style you prefer and even appliances you want to have. That’s why building can be a better solution then just buying. Zillow points out that there are two factors proving that now is the time for building or buying a new home: Mortgage rates are at an all time…

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Article About Affording Aging-in-Place

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As we get older, the statistics show us that we prefer to stay in our own homes rather than go to a nursing home or assisted living center. That’s why checking out to see if you can afford aging-in-place accommodations can be so important! Read more about his topic from the main article here. Read the Full Article