US existing home sales spike to fastest rate since 2006 as housing-market boom accelerates further


  • Sales of previously owned homes leaped 9.4% in September to a seasonally adjusted annual rate of 6.54 million, the National Association of Realtors announced Thursday.
  • The reading marks the fourth-straight month of accelerating sales, and the latest rate is the fastest since 2006.
  • Economists surveyed by Bloomberg expected the sales rate to climb to 6.3 million from August’s revised 5.98 million.
  • The US housing market has served as a bright spot in the slowing economic recovery as record-low mortgage rates drive more Americans to buy units.

Existing-home sales in the US beat expectations in September as historically low mortgage rates further fueled the housing market’s rally.

Sales surged 9.4% to a seasonally adjusted annual rate of 6.54 million last month, the National Association of Realtors announced Thursday. That pace is the fastest since 2006 and comes after four consecutive months of acceleration in

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Homebuyers’ wallets hammered as prices spike for plywood substitute

Americans are coughing up $4,600 more on average to buy their dream home than six months ago, thanks to a record run-up in prices for a once-cheap plywood substitute.

Prices are on a tear for those bonded wood-chip sheets commonly used as sheathing for walls, floors and roofs in new home construction. Oriented Strand Board, or OSB, has long been used as a low-cost alternative to plywood, but the product now fetches a higher price as increased demand and tight supplies lead to delivery delays and elevated construction costs in the United States and Canada.

“It’s difficult to get, the lead times are out,” said Lorne Winship, general manager at Pacific Homes, a West Coast builder specializing in custom prefabricated homes, adding that the premium over plywood is “absolutely crazy.”

While the rally is hurting builders and buyers of new houses who already suffered from surging lumber prices earlier this

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Homebuyers’ Wallets Hammered as Prices for Plywood Substitute Spike

(Bloomberg) — Americans are coughing up $4,600 more on average to buy their dream home than six months ago — thanks to a record run-up in prices for a once-cheap plywood substitute.

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Prices are on a tear for those bonded wood-chip sheets commonly used as sheathing for walls, floors and roofs in new home construction. Oriented Strand Board, or OSB, has long been used as a low-cost alternative to plywood, but the product now fetches a higher price as increased demand and tight supplies lead to delivery delays and elevated construction costs in the U.S. and Canada.

“It’s difficult to get, the lead times are out,” said Lorne Winship, general manager at Pacific Homes, a west coast builder specializing in custom prefabricated homes, adding that the premium over plywood is “absolutely crazy.”

While the rally is hurting builders and buyers of new houses who already suffered from surging

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Foreclosures could spike in 2021

There’s a warning that hundreds of thousands of Texans could lose their homes.



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Demand is high and home sales in Texas are up 11 percent year over year, but Dallas real estate attorney Rachel Khirallah says we’re in the eye of the storm. She says we’ll see a hundred percent increase in foreclosures in the middle of next year.

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She says “we’re expecting anywhere from 100,000 to 200,000 foreclosures in the state of Texas alone. In states such as Florida, California and Nevada we’re forecasting a 200 percent increase.”

She says too many people are delinquent on their mortgages. “Most of it has to do with the pandemic because people have lost their jobs or had a reduced income, and as a result had to request either a forbearance agreement through their lenders and once those expires their monthly mortgage payments are going to

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