(ZEROHEDGE) – With median prices for both existing and new homes at all time highs, and soaring at a record annualized rate of almost 20%, increasingly more Americans find themselves priced out of homeownership, while still cautious banks refuse to lend them the mortgages they so desperately need to live the American Dream (on credit).
And unfortunately, since most U.S. houses are made out of wood, we have even more bad news: home prices are about to get even more expensive if for no other reason than the frenzy sweeping the lumber market is set to keep going through the summer peak of US home building as labor shortages and depleted inventories mean that supplies can’t keep up with skyrocketing demand.
As Bloomberg summarizes what we have observed across the past few months of torrid, sometimes panicked, ISM Survey Responses such as this one: "Things are now out of control. Everything is a mess, and we are seeing wide-scale shortages."
Advertisement - story continues below