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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

MIAMI (AP) — Tropical Storm Wilfred has formed in the eastern Atlantic, becoming the latest storm in an active hurricane season. The storm’s maximum sustained winds Friday morning are near 40 mph. The U.S. National Hurricane Center says slight strengthening was possible during the day but weakening should start over the weekend. Wilfred was centered about 630 miles west-southwest of the Cabo Verde Islands and was moving west-northwest near 17 mph. 460

MARATHON, Fla. -- Several dozen endangered sea turtles were flown from New England to Florida and are receiving treatment for something called “cold stunning.”The young sea turtles became stranded on beaches near Cape Cod, Massachusetts after overexposure to cold water. Being exposed to cold water for too long can result in a hypothermic reaction called “cold stunning,” and can cause turtles to stop eating and swimming.They were flown to the warmer climate of Florida over the Thanksgiving weekend and are being treated at various aquariums, turtle hospitals and facilities. Some of them may have to stay at the facilities for up to a year for testing and treatment.About 40 young Kemp Ridley sea turtles were taken to the Turtle Hospital in Marathon, Florida. Another two dozen were taken to other marine centers, including the Florida Aquarium in Tampa.The rescue was made possible by a group of private pilots called “Turtles Fly Too,” who donated their planes, fuel and time to transport the animals. The turtles traveled in towel-lined banana boxes, according to local media. 1092

LOUISVILLE, Ky. -- Senate Majority Leader Mitch McConnell says there will be a peaceful transfer of power if Joe Biden wins the 2020 presidential election.When asked by WLEX's Karolina Buczek if a peaceful transfer of power would take place once the election is settled and the former vice president ends up winning the Electoral College, McConnell responded with "of course" on Friday. 394

MILLCREEK CANYON, Utah - While fire crews were battling the "Crestwood Fire" Saturday near the base of Millcreek Canyon, homeowners and visitors in the canyon were busy packing and evacuating.During all of the commotion, Riley Burrows and Kaitlin Larsen had just tied the knot and were meeting with their guests.“We actually had a family friend come through the receiving line and told us that [the fire] had just started,” Larsen told FOX 13. “An officer then came up the line and told us we had about an hour before we had to leave. So everyone went crazy and started taking down all the decor… started getting us out of there as fast as we could.”While some may be angry their wedding and reception was interrupted by a fire, the couple laughed, reminisced and were in good spirits about it while recounting their story.“Our wedding worked out really well. We’re not disappointed that the fire happened — it was honestly quite the adventure,” Burrows said. Chiming in, Larsen added, “We now have a cool story: We were dealing with COVID, and now we can tell about a fire... Not everyone gets to say that!”The pair was married in front of a pond, which was then turned into a resource for helicopter crews battling the fire from the air — but it made for some good pictures as well.“They had two helicopters every five minutes coming in, coming down, getting water and taking off,” the pair said. “It was so cool. We all went out there and we had our photographer take a picture with us and it dropping right behind us, because it was like, 'We have to get this!'”Even first responders came to honor the newlyweds.“They came up and talked to us and gave us a little challenge coin and a hat and said they were so sorry," Larsen said. "Like, 'It’s not your fault! We appreciate what you’re doing to make it so we could finish as much as we could.'”The two have been through a lot to get married like a lot of other couples during the pandemic, but despite the difficulties and the addition of the fire, they were happy for the story that they could tell. They also had a message to others in similar positions.“Just stay hopeful. Regardless, you’re going to get married," they said. "Even if it’s just with close family and friends, you’re still getting married and that’s what matters.”The pair overall wanted to thank all of their guests for making the day so special and for being with them on their special day, despite the difficulties of the pandemic and the fire breaking out.The blaze was 90 percent contained as of Sunday evening. No homes or other structures were damaged, and no injuries were reported.This story originally reported by Spencer Joseph on fox13now.com. 2687

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