House prices are skyrocketing around the nation, Bidding Wars are the norm and supply is scarcer than ever, notes Grumpy Editor.
Bloomberg also finds the market is too hot even for homebuilders.
“Demand is so fevered and construction costs are climbing so quickly,” observes Bloomberg, “that overwhelmed builders are suppressing orders and shifting away from fixed prices.”
Bloomberg adds, “In a global economy roiled by supply shortages, the U.S. Housing Market is struggling with a collision of pandemic-related forces that’s holding back new inventory just when it’s needed most. Buyers are stampeding for new homes as remote work upends employment, while soaring lumber costs and a shortage of workers are slowing construction. The result is home prices, already reaching unaffordable levels for many Americans, are set to keep rising.”
About 19 percent of builders are delaying sales or construction and 47 percent have added escalation clauses into contracts, allowing them to lift prices as costs increase, according to an April survey by the National Association of Homebuilders.
IN CASE YOUR FAVORITE NEWS OUTLETS MISSED THESE…
MEDAL OF HONOR AWARDED --- FOR KOREAN WAR ACTION. President Joe Biden awarded the Medal of Honor on Friday to Ralph Puckett Jr., a 94-year-old retired Army colonel who led the capture and defense of a hill during the Korean War against an overwhelming Chinese attack.
GREENLAND OFF THE MARKET. The U.S. is no longer interested in buying Greenland, says President Biden’s secretary of state, Antony Blinken. “I can confirm that’s correct,” he tells reporters. Former President Donald Trump eyed purchasing Greenland, a self-governing part of Denmark, even as its leaders said it wasn’t for sale.
