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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
Marking 100 days until the PyeongChang Winter Olympics, the Olympic flame has once again arrived on South Korean soil.Thirty years after the 1998 Seoul Summer Olympics, the flame arrived at Incheon airport to a show of singing, dancing and speeches.South Korea's favorite figure skater and former Olympiad, Kim Yuna and Prime Minister Lee Nak-yon stood side by side to ignite the flame to a ceremonial cauldron and start the Olympic torch relay. 453
LOUISVILLE, Ky. (WAVE) — An autopsy report revealed more details about the shooting death of Breonna Taylor.Taylor, 26, was shot multiple times by Louisville Metro Police Department narcotics officers serving a warrant just after midnight on March 13.Her autopsy was performed on March 14 at 8 a.m. at the Bingham Building.The autopsy showed Taylor was shot in the chest, which caused hemorrhages along the wound path; the right upper abdomen, in her left forearm, in her left thigh and in her right foot. An orange and gray metal projectile was also recovered from her right heel.Following the announcement of the grand jury decision in the case on Sept. 23, Attorney General Daniel Cameron said only one of those shots was fatal.Former LMPD Det. Brett Hankison was charged for shooting 10 rounds from outside Taylor’s apartment; some of those shots ended up in adjacent units, which was why he was indicted.Two other officers, Myles Cosgrove and Jon Mattingly, were found to be justified in their use of force, according to the grand jury.Cameron said evidence showed Mattingly fired six times, and Cosgrove fired 16 shots, and added that both were justified in returning fire after being fired upon. The attorney general also said the FBI lab confirmed the fatal shot came from Cosgrove but the KSP lab said it was not clear who fired the shot.Taylor tested negative for alcohol and drug use postmortem. 1414
LOS ANGELES, Calif. — The Los Angeles County sheriff says he has concerns about tactics deputies used to detain three Black teenagers at gunpoint after the mother of one said they had been threatened by a man holding a knife.Sheriff Alex Villanueva said Monday that he had seen a video of the incident, which was uploaded by one of the teens' mothers to her Instagram profile on Saturday.The mother wrote that the man tried to stab the boys, but the deputies handcuffed her son and the others.“The guy became so aggressive that he took his shirt off pulled out a knife and whip them tried to stabbed them,” she wrote. “His friends only had their skateboards to cover them from the knife and whip so they held it out to keep distance from this guy.”The video shows the deputies holding out at least two handguns and one long gun.A sheriff’s spokeswoman says the teens were not arrested and were released at the scene.The sheriff said on Twitter that the matter is being investigated.My statement regarding the recent video involving a call for service in Santa Clarita. The matter is being investigated & we will provide updates as they become available. pic.twitter.com/yu1ZCXtVKz— Alex Villanueva (@LACoSheriff) August 10, 2020 The mayor of Santa Clarita, Cameron Smyth, tweeted that the city has called for an expedited review of the incident and that at least one deputy involved be removed from the field until the investigation is complete. 1457
Lyft, one of the largest ride-sharing apps on the market, is offering some select riders the chance to join all-you-can ride subscription services.“We’re always testing new ways to provide passengers the most affordable and flexible transportation options,” a Lyft spokesperson told The Verge. “For the past few months, we’ve been testing a variety of All-Access Plans for Lyft passengers.”On Friday morning social media users began sharing screen shots of their invites on Friday morning.The offers vary from user to user, but the most common plan being offered costs 0 a month. In exchange, the riders receive 30 free rides. Others received invites to pay 0 for 60 free rides. In all cases, "free" meant rides of or less. It's not clear how rides of more than would be covered under the subscription. 830