Why by a cheap foreclosed home when you can buy a new one for the same price?
With construction workers desparate, labor and material costs have dropped so
much that building is really cheap.
But the carpenters aren't going to be buying much out of their wages.
Gene Coyle
LBM prices drop 35%
(Jul. 1) Crow's Weekly Market Report, a publication of RISI, yesterday reported
that the total cost of lumber and panels for construction of a 2,116-sq.-ft.
home has decreased by 35% since April of this year. Based on the Crow's
Construction Materials Cost Index (CMCI), the wholesale cost of lumber and
panels for framing an average home has dropped from $7,511.80 on April 30,
2010, to $4,951.44 today.
According to the report, the dramatic drop is the result of a steep,
supply-driven run-up in prices during the first quarter of the year. Ken
Tennefoss, executive editor of Crow's Weekly Market Report, commented, "Once
buyers filled up inventory needs and production volumes became more in line
with demand, prices began a continuous decline to the point we are at today."
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