Re:The Fed now owns nearly 1/3 of all U.S. mortgages
by mywittyname on Wednesday September 09, 2020 @10:21AM
(#24421271)
The past few years have hit the construction industry hard, with the trade war spiking steel prices, the crack down on immigration combined with low unemployment reducing the workforce, and now there's a lumber shortage to go along with the pandemic. I built a house during the beginning of this mess and it was painful: it took 13 months to build a house that would normally take 8.
The cost of construction has risen such that I can't find a new construction house in my area for under $400,000 with the median on Zillow being $495,000. And this is for an area in the midwest that those reports you link report "median home price" of well under $200,000. If you can't build cheap houses, then soon there won't be cheap houses.
A lot of cities on that first list are reporting 10%+ YoY changes. That's significant. Those used to be numbers you'd see in Seattle Washington, not fucking Allentown Pennsylvania...
The cost of construction has risen such that I can't find a new construction house in my area for under $400,000 with the median on Zillow being $495,000. And this is for an area in the midwest that those reports you link report "median home price" of well under $200,000. If you can't build cheap houses, then soon there won't be cheap houses.
A lot of cities on that first list are reporting 10%+ YoY changes. That's significant. Those used to be numbers you'd see in Seattle Washington, not fucking Allentown Pennsylvania...