New Home Construction Unexpectedly Plunges as Bidenflation Pushes Costs Through The Roof

[1srelluc]

OK, so who did not see this coming?

I'd be lyin' if I said I wasn't sort of glad in a way if it means fewer liberal Yankee transplants moving into my AO.

New construction of single-family homes fell sharply and unexpectedly in January as homebuilders struggled with huge costs increases, data from the Department of Commerce showed Thursday.

Single-family home starts dropped 5.6 percent in January compared with the prior month, exasperating a shortage of houses that has sent home prices soaring. U.S. homebuilders started new single-family projects at a seasonally adjusted, annualized rate of 1.116 million units, 2.4 percent below the rate of construction a year ago.

Multifamily construction declined as well, falling to an annual rate of 510,000, 2.1 percent below December’s rate. Construction of apartment or condo buildings with five units or more is up 8.7 percent from a year ago when urban construction was still struggling under the weight of the pandemic.

Homebuilders have been hit hard by inflation. Construction machinery and equipment prices are up 11.4 percent compared with a year ago, according to the Department of Labor’s Producer Price Index. Softwood lumber prices are up 20.1 percent over the past 12 months. The index that tracks nails is up a striking 44 percent. Plumbing fixtures are up 7.4 percent. Bolts, nuts, screws, and rivets are up 16.5 percent. Air conditioning is up 18.7 percent.

New Home Construction Unexpectedly Plunges as Bidenflation Pushes Costs Through The Roof

 

[TroglocratsRdumb]

The Democrat Cult wants Americans to be renters, not buyers.

 

[Likkmee]

OK, so who did not see this coming?

I'd be lyin' if I said I wasn't sort of glad in a way if it means fewer liberal Yankee transplants moving into my AO.

New construction of single-family homes fell sharply and unexpectedly in January as homebuilders struggled with huge costs increases, data from the Department of Commerce showed Thursday.

Single-family home starts dropped 5.6 percent in January compared with the prior month, exasperating a shortage of houses that has sent home prices soaring. U.S. homebuilders started new single-family projects at a seasonally adjusted, annualized rate of 1.116 million units, 2.4 percent below the rate of construction a year ago.

Multifamily construction declined as well, falling to an annual rate of 510,000, 2.1 percent below December’s rate. Construction of apartment or condo buildings with five units or more is up 8.7 percent from a year ago when urban construction was still struggling under the weight of the pandemic.

Homebuilders have been hit hard by inflation. Construction machinery and equipment prices are up 11.4 percent compared with a year ago, according to the Department of Labor’s Producer Price Index. Softwood lumber prices are up 20.1 percent over the past 12 months. The index that tracks nails is up a striking 44 percent. Plumbing fixtures are up 7.4 percent. Bolts, nuts, screws, and rivets are up 16.5 percent. Air conditioning is up 18.7 percent.

New Home Construction Unexpectedly Plunges as Bidenflation Pushes Costs Through The Roof

Mobile mansion prices have skyrocketed. Order without wheels and tires and get $500 in Walmart credit !

 

[Moonglow]

Mobile mansion prices have skyrocketed. Order without wheels and tires and get $500 in Walmart credit !

Are they on sleds?

 

[protectionist]

OK, so who did not see this coming?

I'd be lyin' if I said I wasn't sort of glad in a way if it means fewer liberal Yankee transplants moving into my AO.

New construction of single-family homes fell sharply and unexpectedly in January as homebuilders struggled with huge costs increases, data from the Department of Commerce showed Thursday.

Single-family home starts dropped 5.6 percent in January compared with the prior month, exasperating a shortage of houses that has sent home prices soaring. U.S. homebuilders started new single-family projects at a seasonally adjusted, annualized rate of 1.116 million units, 2.4 percent below the rate of construction a year ago.

Multifamily construction declined as well, falling to an annual rate of 510,000, 2.1 percent below December’s rate. Construction of apartment or condo buildings with five units or more is up 8.7 percent from a year ago when urban construction was still struggling under the weight of the pandemic.

Homebuilders have been hit hard by inflation. Construction machinery and equipment prices are up 11.4 percent compared with a year ago, according to the Department of Labor’s Producer Price Index. Softwood lumber prices are up 20.1 percent over the past 12 months. The index that tracks nails is up a striking 44 percent. Plumbing fixtures are up 7.4 percent. Bolts, nuts, screws, and rivets are up 16.5 percent. Air conditioning is up 18.7 percent.

New Home Construction Unexpectedly Plunges as Bidenflation Pushes Costs Through The Roof

And all at a time when housing construction is needed the most. It is needed now more than at any time in my whole life (I'm 75 years old). With Biden stocking the country with millions of illegal aliens, the sudden bursts of population have housing becoming scarce, and prices going the moon.

 

[1srelluc]

And all at a time when housing construction is needed the most. It is needed now more than at any time in my whole life (I'm 75 years old). With Biden stocking the country with millions of illegal aliens, the sudden bursts of population have housing becoming scarce, and prices going the moon.

Add to that the ever increasing gas prices for those that move up to 50-60 miles away from the population centers where home/rent prices are slightly less retarded than in NOtVA and commute.

I live along a road leading out of town and the mass exodus starts at around 0430.

Realtors are cold-calling older folks in my AO asking them if they want to sell, nothing sets empty for no longer than it takes to get a empty home up to snuff for the next occupant and asking prices are mere suggestions.

One of my peers self-listed his dad's large older (1920s) 5-BR home in the Washington Post after he recently passed and ended-up selling it for 35K over his asking price. He could not believe the number of offers he got. He sold it in three days. It's being converted into four apartments as I type this. Nearly all the older houses on that street have been converted into rental apartments.

Anything that can be converted into multi-rentals is really hot right now as it's a lot cheaper to convert than to build a new home. Rent is through the roof so lots of speculators are buying them. A 1 BR-1 Bath apartment is renting for around $900.00 a month.

 

[lg325]

And it will affect the rest of the economy so look for a major recession soon. The elite keep making the same mistakes over and over.

 

[protectionist]

Add to that the ever increasing gas prices for those that move up to 50-60 miles away from the population centers where home/rent prices are slightly less retarded than in NOtVA and commute.

I live along a road leading out of town and the mass exodus starts at around 0430.

Realtors are cold-calling older folks in my AO asking them if they want to sell, nothing sets empty for no longer than it takes to get a empty home up to snuff for the next occupant and asking prices are mere suggestions.

One of my peers self-listed his dad's large older (1920s) 5-BR home in the Washington Post after he recently passed and ended-up selling it for 35K over his asking price. He could not believe the number of offers he got. He sold it in three days. It's being converted into four apartments as I type this. Nearly all the older houses on that street have been converted into rental apartments.

Anything that can be converted into multi-rentals is really hot right now as it's a lot cheaper to convert than to build a new home. Rent is through the roof so lots of speculators are buying them. A 1 BR-1 Bath apartment is renting for around $900.00 a month.

Here in Florida, apartments that were renting for $600/mo last year, are now renting for $1500-$2000/month, after new landlords buy the properties and immediately raise the rents. AMERICANS who cannot pay the new astronomical rents, are being evicted with nowhere to go, while rich FOREIGNERS being brought in by Biden (from 150 different countries) are moving into the apartments vacated by the Americans. Homeless population is skyrocketing.

If Biden and Harris arent forced out of office soon, this country is going to be disintegrated.

 

[Oddball]

It's only the beginning.

There is no less than $5 trillion on the balance sheet of the Fed...They're going to need to unwind that somehow, and they still haven't stopped adding to the total.

Interest rates go up, and it'll bring the already moribund economy to a screeching halt.

Best hedge and stockpile now, while you still can.

 

[1srelluc]

Here in Florida, apartments that were renting for $600/mo last year, are now renting for $1500-$2000/month, after new landlords buy the properties and immediately raise the rents. AMERICANS who cannot pay the new astronomical rents, are being evicted with nowhere to go, while rich FOREIGNERS being brought in by Biden (from 150 different countries) are moving into the apartments vacated by the Americans. Homeless population is skyrocketing.

If Biden and Harris arent forced out of office soon, this country is going to be disintegrated.

View attachment 603020

I talked to my old hunting buddy who lives in FL in the Tampa Bay area and he is experiencing the same thing down there with realtors calling and even knocking on his door trying to get him to sell....He said it got so bad he had to put up a no trespassing/solicitation sign. His is a +/- 3K sq ft waterfront home on a half acre lot.

LOL....I told him he should sell for the millions being offered and move here and he said if something happens to his wife he's doing exactly that.

 

[protectionist]

I talked to my old hunting buddy who lives in FL in the Tampa Bay area and he is experiencing the same thing down there with realtors calling and even knocking on his door trying to get him to sell....He said it got so bad he had to put up a no trespassing/solicitation sign. His is a +/- 3K sq ft waterfront home on a half acre lot.

LOL....I told him he should sell for the millions being offered and move here and he said if something happens to his wife he's doing exactly that.

I thought about moving to Johnson City, TN, but it was just too expensive, and I luckily found a brand new apartment building, with lower rent and many amenities. I cant help thinking about all those people being forced out of their homes though, and with nowhere to move to. I wonder if Democrats have any idea of what they are doing to this country ?

 

[DGS49]

Contractors are having a difficult time finding people who want to work, let alone people with any valuable skills. They raise the offered wage but still no takers. Roofers in my area offering $30/hr to start...no luck. So they jack up the price for work and tell the customers, "I'll get to it when I can."

A lot of work is being "postponed" because people refuse to pay exorbitant prices to contractors.

 

[Harry Dresden]

here in vegas they have houses going up everywhere....used to be lots of vacant land.....not anymore....