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Some 1.543 million homes are currently under construction (single- and multi-family units)
Posted on 2/17/22 at 9:41 pm
Posted on 2/17/22 at 9:41 pm
quote:
This is one of the most underappreciated stats at the moment: Some 1.543 million homes are currently under construction (single- and multi-family units), the most since 1973.
LINK
This post was edited on 2/17/22 at 9:42 pm
18
Posted on 2/17/22 at 9:42 pm to Street Hawk
So that’s the reason a 2x4 is $6.93?
Posted on 2/17/22 at 9:43 pm to Street Hawk
And most are total shite quality compared to an old brick colonial
Posted on 2/17/22 at 9:43 pm to Street Hawk
Where the frick did all these people live before? And why can’t they go back? And wtf am I triggered for?
Posted on 2/17/22 at 9:44 pm to Street Hawk
Isn’t that a good thing? Should alleviate housing prices, right?
Posted on 2/17/22 at 9:45 pm to Street Hawk
Seems to be a lot of divorced./single parent households.
Posted on 2/17/22 at 9:46 pm to StringedInstruments
It's good if you bought at the bottom half of that peak, not so much at the top.
Posted on 2/17/22 at 9:48 pm to Street Hawk
Honestly.....we need the homes.
Posted on 2/17/22 at 9:51 pm to kisatchie53
quote:
Where the frick did all these people live before? And why can’t they go back? And wtf am I triggered for?
You missed the Detroit thread the other day. All the empty houses are over there…..
Posted on 2/17/22 at 9:51 pm to Street Hawk
So another housing bubble. Got it.
Posted on 2/17/22 at 9:52 pm to Street Hawk
quote:
the most since 1973.
Imagine being a panelling or yellow flower wallpaper salesman then.
You were making bank. Walked right past those Chevy Vegas for sale and straight to the Caprices
Posted on 2/17/22 at 9:55 pm to 9001
quote:
So another housing bubble. Got it.
Yes this very well may be true this time. Material costs are way too high and with rates going up might leave a ton of these new construction homes unfinished or unsellable just like in 2008
Random length lumber futures have been going up pretty consistently all year. For like 8 years prior to Biden, it hung around $350'ish. It is currently, around $1300 which is still shy of last year's $1700 but 4 times what we are used to.
Throw in how high petro is, and considering how many products are oil-based for new construction, you have now priced a ton of people out of being able to afford even the most basic DSLD home.
Now we are going to have to raise rates to fight inflation. It's going to get ugly IMO
Posted on 2/17/22 at 9:58 pm to Street Hawk
As one of the Twitter replies pointed out, this is likely an inflated statistic as there are so many homes under construction that should have been completed already but supply chain and labor shortages are causing delays. I’m in that situation right now, facing about a 3 month delay from original projected completion date.
Posted on 2/17/22 at 9:59 pm to kisatchie53
Population going up by 2-3 million/yr, and quite a few years after 08 where the housing construction numbers were way lower.
Like all cycles the pendulum will swing too far in either direction before correcting.
Like all cycles the pendulum will swing too far in either direction before correcting.
Posted on 2/17/22 at 10:03 pm to Street Hawk
St Bernard Parish has their share 
Posted on 2/17/22 at 10:03 pm to Jon Ham
quote:
As one of the Twitter replies pointed out, this is likely an inflated statistic as there are so many homes under construction that should have been completed already but supply chain and labor shortages are causing delays.
This would make sense. Especially when you consider new home starts is actually starting to drop off
U.S. Housing Starts Drop 4.1% in First Decline in Four Months
Posted on 2/17/22 at 10:10 pm to stout
If you look at that chart it actually gives an average 975k/units per yr.
If you look at a population chart it's been roughly 3mil/yr increase that entire time. 1 new house/3 new residents. Doesn't seem too far off, its just that the actual number of builds swings back and forth above and below the average. Population growth is much more steady, although the accounting or lack thereof for illegal immigration is likely skewing that number to the low side. History would say if we're 50% above the mean we'll end up back below it sooner rather than later.
If you look at a population chart it's been roughly 3mil/yr increase that entire time. 1 new house/3 new residents. Doesn't seem too far off, its just that the actual number of builds swings back and forth above and below the average. Population growth is much more steady, although the accounting or lack thereof for illegal immigration is likely skewing that number to the low side. History would say if we're 50% above the mean we'll end up back below it sooner rather than later.
Posted on 2/17/22 at 10:11 pm to Street Hawk
What happens when interest rates rise? When monthly payments go from $1600 to $2600, that’s going to drop demand for new homes. Prices will have to fall, but how far?
Posted on 2/17/22 at 11:04 pm to Street Hawk
Black rock/vanguard finna eat
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