Kiss the housing market goodbye, which is equivalent to the US economy. Over a30% of our wood comes from canada and probably a good percentage of the labor force to build, repair and landscape homes comes from mexico. I feel really bad for all those LA fire and fall hurricane/flood victims. All of this is so GD frustrating.
Trump will spin some BS about how Biden’s market was already on the downslope and he saved it from being worse. Then his dumbfuck cult will eat it up hook, line and sinker. His fellow party members parrot his message, selling their souls and our country for more votes. FML
When you say kill the housing market you mean kill home builders right?
I thought that last time there was a lumber shortage it impacted all housing cause fewer new builds meant less overall supply and higher prices on everything.
So less supply of new housing will mean increase demand for existing housing. It's not going to make existing home prices go down, it's going to make them go up. It will definitely put a wet blanket on construction industry though.
Not an expert in this area at all, but my expectation would be that the decreased supply would also result in fewer purchases, especially from current renters, not just a tidy price increase that’s passed on to the consumer.
I’m no expert either but my thinking is higher prices wont do anything but raise property taxes when nobody is buying or selling. Entry level houses will be too expensive for first time buyers, and existing buyers wont want to leave their low-rate mortgages to purchase drastically higher priced upgrade homes.
That would lead me to think people will be more likely to repair/remodel their existing homes, except everything at home depot and lowes will be more expensive, and it will be more difficult to find labor to do the jobs.
Another big difference from 2020 (when we had low supply of houses and raw materials, as well as tariffs) is interest rates were 2.5%, not 6.5%. Many were refinancing and taking cash out for remodeling/repairs. Additionally, many were using stimulus checks to fix up houses since that's the only place they could go for months and months. Also, more people were willing to upgrade to nicer homes because rates were historically low.
All that said, who knows what will happen now that many companies are mandating a return to offices. That may open up some supply in the burbs and small towns again? I hope I'm just doom spiraling and all will work itself out (fingers crossed).
