2 reasons the US is in a housing shortage and prices are so high

an initiative that aims to address the crisis. The White House proposes using federal dollars to boost the affordable housing supply. While the move may be a step in the right direction, experts say more will need to be done to attract workers back to the homebuilding industry and bring down prices on supplies — the two key areas causing the nation's dearth of available housing inventory.

"President Biden's plan to address housing affordability challenges is a welcome development, but the administration needs to focus more on resolving rising lumber and building material prices and supply chain bottlenecks that are raising housing costs far faster than wages," Jerry Konter, chairman of the NAHB, said in a statement. In 2021, more than 90% of builders reported delays and materials shortages, according to the NAHB.

"Shortages of materials are now more widespread than at any time since NAHB began tracking the issue in the 1990s, with more than 90% of builders reporting shortages of appliances, framing lumber and oriented strand board," NAHB researchersEven when builders do get their hands on materials, the cost is burning a hole in their wallets.

According to the Bureau of Labor Statistics, the prices of goods used in residential construction have climbed 4.9% since the start of 2022 and 19.2% since this time last year. Overall, prices haveAlthough the Biden administration has moved to

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