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PulteGroup Chief Financial Officer Robert O’Shaughnessy recently said in a call, “Driven primarily by increases in lumber and labor, our house costs will be higher in 2021.”
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Bodnar of MMG: The Most Important Line of the Week "Until substantial further progress is made" was the most important line of the week for anyone buying or selling loans, according to Bill Bodnar of The Mortgage Market Guide.
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Spike in Wood Costs Pushes Home Prices Higher
The cost of new homes is feeling upward pressure due to soaring lumber prices. Softwood lumber, which is normally used in house frames, almost doubled between April 2020 and January 2021, according to the Department of Labor’s producer price index. So reports BankRate.com.
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