#Phoenix builder: “The positive is there’s light at the end of the tunnel for improving build cycle times. The negative is there won’t be customers on the other side of said tunnel.”
We’ve seen the data from the Census Bureau about the downturn in the market for new houses: surging inventories – 11 months’ supply in July, highest since the worst days of Housing Bust 1 – exploding construction costs that home builders are facing, though some of those cost spikes are now abating; and plunging sales (-30% across the US, -50% in the West). The National Association of Home Builders reported dismal traffic of prospective buyers. And we’ve seen how home builders reacted: construction starts of single-family houses plunged 18% year-over-year, though construction starts of multi-family buildings jumped.
So here are the home builders themselves, in their own words. John Burns Real Estate Consulting’s Home Builder Survey summarizes feedback from over 300 home builders in over 80 metro areas. The survey results are limited to paying clients. But Rick Palacios Jr., Director of Research at John Burns, when he noted today that the August results were in, posted in his Twitter account some quotes from 21 home builders. These are boots-on-the-ground thoughts and observations from those in the thick of it.
The “top themes” in the August survey, Palacios said, were:
- Home price cuts along with other incentives are helping sales (for now).
- Supply chain is healing as demand drops and builders quickly slow housing starts.
Are you fed up? Are you worried that America in rapidly sliding into a neo-Marxist state by the radical left in control of Washington with historically narrow majorities in the U.S. House and Senate and an Executive controlled by unnamed far leftists in place of a clinically incompetent President Biden? They are desperate to keep power and complete their radical progressive agenda that will change America and our liberty forever.
Americans just witnessed the passage of the Inflation Reduction Act of 2022 without one Republican vote in the U.S. Senate and House (just as Obamacare was passed in 2010). The IRS will be hiring 87,000 new agents, many armed, to terrorize American taxpayers.
Americans witnessed the FBI raid at the Trump Mar-A-Lago home and property of President Trump, truly a first in all of American history. We know what that is about.
It is undeniable that the Democrat Party and the administrative state (the executive branches of the DOJ, FBI, IRS, et al) are clear and present dangers to our Republic and our liberty as they increasingly veer further away from the rule of law and the Constitution. What is the solution? At this critical juncture, there is only one action we can all take.
The only viable and timely solution at this critical point is to vote – yes, vote correctly and smartly to retake the U.S. House and Senate on November 8th and to prepare the way to retake the White House in two years. Vote and help everyone you know to vote. Please click the TAKE ACTION link below – we must vote correctly and in great numbers to be sure our votes are counted to diminish the potential for the left to rig and steal the midterms and the 2024 elections as they are clearly intending to do after their success in 2020.