The Disasters Were Horrific: Will Rebuilding Be Worse?

Broker | REALTOR® Patty Wolf, of The Woolf Team here at Carolina Mountain Sales, writes a thoughtful investigation of how cities and communities are recovering after the natural disasters that befell them recently. Who will rebuild these homes and businesses? We will watch these developments closely in the months ahead, but in the meantime, read on. Thank you Patty!

Whatever It Is, It's Related to Real Estate

When thinking about a good topic to reignite my blog it seemed obvious that as a home specialist, the effects of the recent and ongoing natural disasters on U.S. housing stock would be a good choice.  Going into the research I assumed that building material shortages would be the biggest factor in cost and speed of recovery.  Though materials are an issue, the more important shortage is labor.  Nationally we were facing a labor shortage before Harvey, Irma, Maria, and the California fires (see graphic below).  The National Mortgage News reports that shortages of labor have kept construction underperforming recently as it is. (www.nationalmortgagenews.com/news/more-hurricane-pain-fewer-homes-shortage-of-construction-workers) “In Santa Rosa alone, the fires have consumed 2,834 homes, roughly six times the number of new residential units that will be produced this year in all of Sonoma County,” reports www.sfgate.com.  (www.sfgate.com/bayarea/article/costruction-labor-shortage-will-slow-post-fire-1277178.php) The same article quotes CEO of North Coast Builders Exchange…

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