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Lumber stocks are at a historic high. We haven't seen these numbers since the 2008 housing boom and then crash. Experts say that's in part because of the housing market and record low mortgage rates.2020, the unprecedented year where nothing goes as expected, has brought us what realtors call a "sellers' market"."There’s plenty of buyers in the marketplace, but not enough supply so what we are seeing is multiple offers happening frequently on mid-price homes. So heavy competition in the marketplace.” Dr. Lawrence Yun, chief economist for the National Association of Realtors, said.The country's largest trade organization has 1.4 million members who help people buy and sell homes. Dr. Yun says the nation's housing market has even surpassed pre-pandemic sales. He attributes a lot of that to low mortgage rates and people realizing that working from home means they need more room.“Because of the strong demand for housing and we have a shortage of homes in the marketplace, so whatever home builders build, they can find a buyer so they build more homes. But one of the constraints is lack of construction workers along with the material cost that goes into construction, such as lumber,” says Dr. Yun, who also pointed out the country's underproduction.“Home builders have been producing below historical average for 10 straight years and the cumulative effect of underproduction is we don’t have sufficient inventory and that is the reason why home prices are rising and we need to build more homes to get into balance,” added Dr. Yun.Which is why, Laura Gonzalez, associate professor of Finance at California State University Long Beach, says we're experiencing a supply and demand situation when it comes to wood.“We just don’t have enough wood,” Gonzalez said. “It's difficult to make it ready and then transport it because of the pandemic. It's not that the industry is changing its just that we have had a shift both in supply and demand.”Gonzalez also says it's the basic equation of high demand meaning lower supply, which sends prices up and stocks soaring. Then there's the factor of where our wood comes from. She says, “We import some of our lumber from Canada both from lumber and other products. If we depend on other nations, we are more susceptible to changes in supply.”So, what comes next?“The issue of supply versus demand is going to correct in two years, but the opportunities for climate finance are ongoing that is not going to finish,” Gonzalez said.Which is why Dr. Yun says home prices will hold firm, and if you're waiting for a ‘burst’ or for prices to decrease, you might be waiting a while.“In future years, mortgage rate will certainly rise and that will choke off some of the demand, but hopefully we have adequate supply so we have a more balanced market condition where prices rise in manageable, 3-4% each year and people will feel comfortable at that rate of price appreciation,” says Dr. Yun.Dr. Yun recommends if you want or need to buy, don't overstretch your budget as the competition is fierce out there. If you want to sell, don't get greedy and overprice because your home will get stuck on the market. It's yet another aspect to this odd year that has brough the unexpected to us all. 3245

MILAN (AP) — The Mount Etna observatory says lava and ash are spewing from a new fracture on the active Sicilian volcano amid an unusually high level of seismic activity.The Etna observatory said a swarm of 130 tremors have been recorded by Monday midday, the most powerful registering a magnitude of 4.0. It reported lava flows from the volcano and said a new fracture had opened near its southeast crater.The owner of a refuge on the volcano says hikers are being brought down from higher elevations to 1,900 meters (6,230 feet) for their safety. But there are no reports of injuries, and so far the spewing ash was not causing disruptions to residents of nearby towns and cities.Etna, the largest of Italy's three active volcanoes, has been particularly active since July. 783

MALIBU (CNS) - Santa Ana winds were expected to continue to plague firefighters battling the deadly Woolsey Fire in Los Angeles and Ventura counties Tuesday as officials re-emphasized to evacuated residents that they must stay away until the area has been declared safe.Winds of 25 to 35 mph were forecast to blow with gusts of 40 to 45 mph, National Weather Service Meteorologist Joe Sirard said. Those wind speeds are likely to drop to 25 to 30 mph Tuesday night into Wednesday with gusts to 40 mph.That prompted the NWS to continue its Red Flag Warning through 5 p.m. Wednesday for the Woolsey Fire area in Los Angeles and Ventura counties -- except Malibu, where the Red Flag Warning is set to expire at 5 p.m Tuesday. High temperatures of 70s to low 80s are predicted through Wednesday with lows near freezing ``in wind-sheltered areas,'' Sirard said.The latest Woolsey Fire update from Cal Fire had at least 435 structures destroyed, 24 structures damaged and the estimated number of structures still threatened about 57,000.The blaze has burned about 93,700 acres and was 30 percent contained, with full containment not expected until Thursday, Cal Fire said. The two people who died were found inside a burned vehicle in a long driveway in the 33000 block of Mulholland Highway.``It's the feeling of homicide detectives that the driver became disoriented and the vehicle was overwhelmed by the fire,'' sheriff's Chief John Benedict said.Three firefighters have been injured battling the Woolsey Fire. And Malibu City Councilman and Mayor Pro Tem Jefferson ``Zuma Jay'' Wagner was recuperating at a hospital from conditions related to his unsuccessful efforts to save his home Friday night.Firefighters were focused on making sure any hot spots in Malibu Canyon don't cross into Topanga Canyon, because a falling ember has more than a 90 percent chance of igniting brush, authorities said.Some 3,592 firefighters were assigned to battle the blaze, while, 22 helicopters worked from above, officials said. A total of 619 engines, 48 water tenders, 23 bulldozers and 57 hand crews were sent into the battle, Cal Fire reported. Crews from other areas, including Orange County and Arizona, also sent firefighters and equipment to aid the battle.The continuing danger prompted Los Angeles County officials to re-issue a warning to residents in evacuated areas to stay away until conditions are deemed safe.``Although it may appear that fire threats have passed in some communities, officials warned that the situation remains unstable and can shift dangerously with changes in wind patterns and other unpredictable factors,'' the advisory noted. Officials noted there are downed power poles and live power lines, live embers that could reignite, buckled roads, landslides and unstable ground, massive debris, unhealthy air quality, poor visibility and now power or cell phone access.While some evacuation orders for county communities remained in effect, all mandatory evacuation orders for the City of Los Angeles were lifted as of 7:47 p.m. Monday, authorities said.The Los Angeles County Sheriff's Department also announced that people were returning to their homes in Agoura Hills, Westlake Village, Oak Park, North Ranch and Newbury Park residents affected by the fire. Cal Fire announced Monday evening that evacuation orders have now been lifted for West Hills in Los Angeles and Bell Canyon in Ventura County.But the entire city of Calabasas remained under mandatory evacuation orders Tuesday.Despite messages to the contrary on social media, officials are not escorting residents back into the evacuated areas to retrieve medications, Los Angeles Police Lt. Eric Bixler said.Malibu City Councilman Skylar Peak has asked people to refrain from attempting to get back into Malibu by boat. A community meeting for Malibu-area evacuees was scheduled for Tuesday night at Santa Monica High School's Barnum Hall.The sheriff's department has repeatedly tried to reassure residents that their homes would be safe from looters, with 500 to 600 deputies on 12-hour rotational shifts.Northbound and southbound Ventura (101) Freeway from Valley Circle Boulevard remained open. Pacific Coast Highway remained closed to all traffic from the Ventura/Los Angeles County line to Sunset Boulevard.The fire has also closed libraries in Agoura Hills, Malibu, Topanga and Westlake Village. There's no word yet on when the libraries would reopen.The California Public Utilities Commission was investigating Southern California Edison for its possible role in the fire.According to CPUC, electrical infrastructure may have suffered malfunctions near ground zero of the blazes two minutes before they began.The agency also is investigating PG&E for its possible role in the Camp Fire in Butte County, which has burned 113,000 acres and resulted in at least 42 deaths.Chris Thompson of SCE said there were 13,000 customers who initially lost power, mostly in Malibu, and now that number has been reduced to 9,000.He also said that it will take time to replace the telephone poles destroyed by the fire, especially in canyon areas. He said they will need to use a helicopter to bring in the new poles. ``We can't just drive poles in on a truck to those areas,'' he said.The fire -- which began Thursday afternoon -- has forced the evacuation of at least 75,000 homes and an estimated 265,000 people in L.A. and Ventura counties as it consumed multimillion-dollar mansions and mobile homes.In Malibu, Pepperdine University said the school's Malibu and Calabasas campuses would remain closed through Thanksgiving. All Malibu schools in the Santa Monica Malibu Unified School District will remain closed until at least Thursday, the district announced. City officials said there will likelybe intermittent power outages due to weather and fire conditions.Fire information for Los Angeles County can be found at www.lacounty.gov/woolseyfire. Malibu also has established a website to update fire information at www.malibucity.org/woolsey.The Conejo Unified School District, which includes parts of Los Angeles and Ventura counties, closed its schools for Tuesday after inspectors found that at least two schools required major clean-up.The Federal Aviation Administration sent a tweet reminding drone operators that they could face severe civil penalties and potential criminal prosecution for flying drones over fire areas.Officials with the Santa Monica Mountains National Recreation Area are trying to account for the 13 mountain lions they are tracking with GPS collars. They said eight of the cougars are alive and moving but they have received no transmissions since the fire began from five of them. They also have been unable to locate four bobcats. The park is closed due to wildfire danger.In an about face from Twitter attacks last week against California's forest management, President Donald Trump has tweeted that he has approved an ``expedited request'' for a major disaster declaration for California.``Wanted to respond quickly in order to alleviate some of the incredible suffering going on. I am with you all the way. God bless all of the victims and families affected,'' Trump said.Firefighters made progress on the much smaller Hill Fire north of Malibu and south of Simi Valley in Ventura County. That wildfire, which has consumed about 4,500 acres and destroyed two structures, was 80 percent contained. No civilians or firefighters were killed or injured and fullcontainment was expected Wednesday. 7519

MEXICO CITY (AP) — Mexico is bracing for the possible arrival of the "mother of all caravans," even as doubts arise over whether the group of Central American migrants will be all that big.Interior Secretary Olga Sanchez Cordero has said a caravan of migrants from El Salvador, Honduras and Guatemala could be forming."We have information that a new caravan is forming in Honduras, that they're calling 'the mother of all caravans,' and they are thinking it could have more than 20,000 people," Sanchez Cordero said Wednesday.But a WhatsApp group calling for people to gather Saturday in El Salvador to set off for Guatemala only has about 206 members.Activist Irineo Mujica, who has accompanied several caravans in Mexico, said reports about "the mother of all caravans" were false, claiming "this is information that (U.S. Homeland Security Secretary Kirstjen) Nielsen is using to create fear."His group, Pueblo Sin Fronteras, said in a statement there was no evidence the new caravan would be that large, noting "there has never been a caravan of the size that Sanchez Cordero mentioned." Indeed, past caravans hit very serious logistical hurdles at 7,000-strong.She and others suspect the administration of U.S. President Donald Trump may be trying to fan fears of a big caravan to turn the U.S. national agenda back to the immigration issue.Honduran activist Bartolo Fuentes, who accompanied a large caravan last year, dismissed the new reports as "part of the U.S. government's plans, something made up to justify their actions."A caravan of about 2,500 Central Americans and Cubans is currently making its way through Mexico's southern state of Chiapas. The largest of last year's caravans in Mexico contained about 7,000 people at its peak, though some estimates ran as high as 10,000 at some points.Mexico appears to be both tiring of the caravans and eager not to anger the United States. It has stopped granting migrants humanitarian visas at the border, and towns along the well-traveled route to Mexico City sometimes no longer allow caravans to spend the night.Mexican President Andres Manuel Lopez Obrador said Thursday that Mexico is doing its part to fight immigrant smuggling."We are going to do everything we can to help. We don't in any way want a confrontation with the U.S. government," he said. "It is legitimate that they are displeased and they voice these concerns."Sanchez Cordero has pledged to form a police line of "containment" around Mexico's narrow Tehuantepec Isthmus to stop migrants from continuing north to the U.S. border.The containment belt would consist of federal police and immigration agents, but such highway blockades and checkpoints have not stopped large and determined groups of migrants in the past. 2757

Many small businesses are struggling after the pandemic shut down a number of industries. Recently, more than 2,400 small businesses gave their thoughts on how various levels of government are helping them during this tough time.Nate Chai, who heads up the Pro Engagement Team at Thumbtack, says "the purpose of the survey is really to find out how small businesses across the country feel about the public policies that they're working with at the local, state and national levels. Do they feel supported? Do they feel the right policies are in place? Are things changing year-over-year for them?"Thumbtack, an online company that connects people with local independent professionals in industries like construction, wellness and music, conducts a small business friendliness survey every year. This year, they wanted to check in with the small businesses on their site to see how they were doing amid this COVID-19 pandemic."What we did notice is that there were strong divergent between how many felt their states and local governments were doing versus what they saw from the federal government. To put that in perspective, we saw many states score A, A- or B in terms of that local response but at the federal level people almost universally what people were seeing was not good enough," said Chai.Chai says overwhelmingly, small business owners gave the federal government an F when it came to their response. "We saw several states earn Fs and unfortunately the worst of those, starting from the bottom up were Arizona followed by Oregon, Missouri, Georgia and Tennessee," said Chai. The highest ranked states were Vermont, which received an A+, followed by A ratings for Rhode Island, Connecticut, Massachusetts and an A for Maryland. Gerard Cassagnol, the Engineering and Operations Manager for Trevor Technical Solutions in Maryland, took part in the survey."It started off really good here in Maryland. They were very proactive in how to address the pandemic. What I basically mean is they were going by the science," Cassagnol said. Cassagnol says the funding, though, from State and Federal levels, was lacking, as well as information and guidance about programs and how to operate has been inconsistent. Cassagnol says before the pandemic, 80 percent of his company's revenue came from work from the government. Over the last three months, that dwindled down to 5 percent, putting his business in a dire state and prompting him to lay off staff. "It's a survival instinct right now that we're operating on," said Cassagnol.Of the roughly 2,400 businesses that took the survey, 65 percent had only one employee, in that the person owned their business and works alone; 28 percent had two to five employees and the remaining six percent had more than six employees."Given what’s going on, it's a great time to consider reaching out to small businesses if you’ve got those projects on the back burners, and finding ways to support small businesses if you have the means," said Chai."We've got to find a solution to this. America is going to suffer ultimately if the small business isn't there," said Cassagnol. Thumbtack is encouraging people to support their local businesses in any way they can right now as many feel uncertain when or if they will recover from this economic downturn. 3306

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