<ul class="summary-list"><li><keyword id="6355174" type="UNKNOWN" weightage="60" keywordseo="ford">Ford</keyword> on Tuesday revealed the Maverick, a small pickup truck that starts at $19,995. </li><li>It comes with a hybrid powertrain that Ford says gets 40 mpg in the city. </li><li>The compact pickup goes on sale this fall in three trims: XL, XLT, and Lariat. </li></ul>It's difficult to ignore that <keyword id="862838" type="PERSON" weightage="60" keywordseo="pickup-trucks">pickup trucks</keyword> have grown ever larger and pricier in recent years. After all, some full-size trucks have hoods so tall they nearly rival a small house. Ford is bucking that trend with its latest model. The company on Tuesday took the wraps off of its first brand-new pickup in decades: the Maverick. Starting at just below $20,000, the compact pickup will be the cheapest truck available in the US and by far one of the smallest when it goes on sale this fall. <div type="image" title="[EMBARGO 6/8/2021 6 AM ET DNP] 2022 Ford Maverick" height="1165" width="2500" msid="83337319" hostid="261"></div>To put the Maverick's size in perspective, it's roughly a foot shorter in length than the Ranger, Ford's mid-size truck, and around 2.5 feet shorter than an F-150. The model is geared at buyers who want pickup truck capability in a package that's easier to park, more maneuverable on city streets, and more fuel-efficient than its bulkier, more work-ready models. To that last point, the Blue Oval gave the Maverick a hybrid powertrain as standard equipment - a first for US pickups. The company says it gets 40 mpg city, but that hasn't been tested by the EPA yet. The combination of a 2.5-liter four-cylinder and an electric motor puts out a claimed 191 horsepower and 155 pound-feet of torque. Ford rates towing capacity at 2,000 pounds, which it says is plenty to pull a couple of jet skis or a small camper. Read more: <a href="https://www.businessinsider.com/ferraris-bid-for-growth-hinges-on-softer-supercars-2021-5">Ferrari's abandoning its decades-old focus on hardcore supercars for a new sales strategy: appealing to the mass market</a><div type="image" title="[EMBARGO 6/8/2021 6 AM ET DNP] 2022 Ford Maverick" height="1423" width="2500" msid="83336941" hostid="261"></div>An optional turbocharged 250-horsepower engine and towing package ups towing capacity to 4,000 pounds, enough to accommodate a standard 23-foot camper, Ford says. Front-wheel drive is standard, with four-wheel drive available as an add-on. There will be three trim levels - XL, XLT, and Lariat - and a fully loaded Maverick will run customers in the low $30,000 range, a company spokesperson said. That means that even a well-optioned Maverick will cost less than most other pickup trucks available today, the least expensive of which start at around $25,000. The <a href="https://www.businessinsider.com/hyundai-santa-cruz-pickup-truck-specs-photos-features-2021-4">Hyundai Santa Cruz</a>, the only other small crossover-based pickup on the horizon, doesn't have a price yet. <div type="image" title="[EMBARGO 6/8/2021 6 AM ET DNP] 2022 Ford Maverick" height="1238" width="2500" msid="83336494" hostid="261"></div>With the new entry-level truck in a category pretty much all on its own, Ford hopes to attract consumers who haven't considered a pickup before, Ford vice president Jim Baumbick, who oversaw the Maverick's development, told Insider. "We think there's an opportunity to invite a whole new set of customers into the Ford portfolio," Baumbick said. "There are customers out there that may not need some of that capability that's wired into some of our other offerings, but that doesn't mean they can't use the versatility of what a truck offers, especially when it doesn't force you to trade against other things you have to use every day, like interior spaciousness."<div type="image" title="[EMBARGO 6/8/2021 6 AM ET DNP] 2022 Ford Maverick" height="1245" width="2500" msid="83336497" hostid="261"></div>A key part of Ford's strategy here is to give DIY-inclined buyers the ability to customize their pickup to their liking. Out back, Ford developed what it's calling the Flexbed - a pickup bed that encourages owners to rig up their own racks and storage solutions using pre-threaded holes and slots that fit dimensional lumber. <div type="image" title="[EMBARGO 6/8/2021 6 AM ET DNP] 2022 Ford Maverick" height="1389" width="2500" msid="83336945" hostid="261"></div>The idea is that customers can buy Ford's off-the-shelf products like bike and kayak racks, or they can build their own more wallet-friendly versions out of 2x4s and 2x6s. There's also an outlet for running small tools and appliances along with a spot to wire in extra lights and the like in the bed. The Maverick is available to order or reserve now on Ford's website. Baumbick declined to share any sales or production targets - but given its low sticker price, lack of competitors, and the general American appetite for pickups, it's tough to imagine that the Maverick won't sell like hotcakes.

Take a look at the Maverick, Ford's new $20,000 hybrid pickup

<ul class="summary-list"><li>Part pickup and part SUV, the 2022 <keyword id="12670251" type="UNKNOWN" weightage="60" keywordseo="hyundai-santa-cruz" source="Orion">Hyundai Santa Cruz</keyword> is unlike anything else on the market. </li><li>It starts at $24,000 and sports a small but surprisingly versatile truck bed. </li></ul>Editor’s note: This review was originally published in December 2021.In just one afternoon with <keyword id="12020233" type="UNKNOWN" weightage="60" keywordseo="hyundai" source="Orion">Hyundai</keyword>'s new pickup truck, the 2022 Santa Cruz, three separate people came up to me and asked the same question: "What the heck is that thing?" I suspect that number would have been higher if we weren't living in a time when many people's social skills have shriveled away into nothing, much like their early-pandemic sourdough starters or their will to clothe themselves below the Zoom line.Sure, the Santa Cruz only <a href="https://www.businessinsider.com/hyundai-santa-cruz-pickup-truck-specs-photos-features-2021-4">hit the scene this summer</a>, so most people haven't seen one up close before. But there's another reason Hyundai's petite pickup attracts questions and puzzled stares wherever it goes: It's weird as hell. <div type="image" title="The 2022 Hyundai Santa Cruz pickup." height="1924" width="2500" msid="88092765" hostid="261"></div>Occupying the bizarre territory between pickup and SUV, the Santa Cruz is unlike anything else you can buy today. Hyundai essentially took an SUV, scooped out a big chunk of the roof, and stuck on a modest truck bed where the trunk should be. It sounds grotesque, but the result is a vehicle that perfectly marries the utility of a pickup with the familiar form and feel of an SUV. In a league all on its own, the Santa Cruz is a gloriously funky answer to the bulky trucks and faceless crossovers that dominate US roads. <div type="image" title="The 2022 Hyundai Santa Cruz pickup." height="1642" width="2500" msid="88092768" hostid="261"></div><h2>Weird isn't always bad </h2>Hyundai's first pickup for the US market, the Santa Cruz is brand-new to the Korean automaker's lineup this year. Much like the <a href="https://www.businessinsider.com/ford-maverick-truck-hybrid-review-price-mpg-hyundai-santa-cruz-2022-1">Ford Maverick</a> that's practically its only direct competition, the Santa Cruz carries an enticingly low starting price: $23,990 before fees. That's for the base SE trim, which comes with front-wheel drive and a four-cylinder engine making 191 horsepower. There are four trims in total, with the upper two — SEL Premium and Limited — providing both all-wheel drive and a more powerful turbocharged engine as standard equipment. The fully-loaded Limited model Hyundai loaned me for a few days last month came out to just over $41,000, including a destination fee. Other SUV-based pickups do exist, but none are quite like the Santa Cruz. Sporting boxy proportions, a longer bed, and a larger footprint overall, Honda's Ridgeline aims to be more of a conventional midsize truck than Hyundai's new entrant. Similarly, <a href="https://www.businessinsider.com/ford-maverick-pickup-analyst-reaction-competition-sedans-crossovers-2021-6">Ford's Maverick</a>, which recently went on sale, is roughly the same size as the Santa Cruz but looks more like a shrunken-down F-150 than its own thing. <h2>A surprisingly useful bed in a city-friendly package</h2>I came in with serious doubts about how much stuff the Santa Cruz's little bed would be able to handle. After all, at four feet long, it's a solid 12 inches shorter than the cargo areas you'd find in <a href="https://www.businessinsider.com/ford-ranger-chevy-colorado-gmc-canyon-toyota-tacoma-honda-ridgeline-compared-2020-4">popular midsize trucks</a> like the Toyota Tacoma. But the Santa Cruz blew me away with its versatility.<div type="image" title="The 2022 Hyundai Santa Cruz pickup." height="1875" width="2500" msid="88092771" hostid="261"></div>When I set out for a day of mountain biking, I was able to plop my bulky bike in the back of the Santa Cruz without much fuss. Placed on a diagonal with the front wheel removed, it fit like a glove.And the bed offers a whole lot more utility than just an outdoor box to chuck stuff. Small storage cubbies on either side of the bed were great for the excess bungees and straps I'd brought along, and a spacious under-floor cargo area gobbled up my shoes, backpack, and helmet. A lockable tonneau cover means you can use the bed like a regular trunk if you want. <div type="image" title="The 2022 Hyundai Santa Cruz pickup." height="1875" width="2500" msid="88092773" hostid="261"></div>It shouldn't have come as a surprise that the Santa Cruz could comfortably take me, my bike, and all my gear to the trails; that's precisely the sort of thing it was put on Earth to do. The pickup isn't geared toward people who need to haul sheets of plywood or dimensional lumber on the daily — those people buy Ford F-150s and Chevy Silverados. It's intended to be used more casually: for sandy beach chairs, cumbersome camping gear, and maybe the occasional DIY project around the house. In fact, one of the Santa Cruz's biggest selling points is just how not-truck-like it is. Since it's basically an SUV, darting through city traffic and slipping into parking spots is no problem. The Santa Cruz doesn't feel big or unwieldy like more conventional pickups tend to, and it'd be worlds easier to own in a dense city than bulkier rivals. <div type="image" title="The 2022 Hyundai Santa Cruz pickup." height="1875" width="2500" msid="88092775" hostid="261"></div>Without a jacked-up ride height, tall boxy hood, or long bed, you can actually see out of the thing pretty well. And when visibility is lacking, the Santa Cruz can step in using nifty blind-spot cameras and a 360-degree overhead view, both of which are included on the Limited model. Inside, the Santa Cruz feels comfortable and high quality. The top-trim model I tested had upgrades like leather-trimmed seats, a display in place of normal gauges, a bigger touchscreen, a heated steering wheel, and ventilated seats. But even the base Santa Cruz comes with comforts like Apple CarPlay and gobs of advanced safety tech. <div type="image" title="The 2022 Hyundai Santa Cruz pickup." height="1875" width="2500" msid="88092777" hostid="261"></div>The Santa Cruz has a lot going for it, but as <a href="https://www.vice.com/en/article/599v3b/yes-oceans-twelve-actually-sucks">2004's "Ocean's Twelve"</a> showed us, even the best things can't be great all the time. Whereas the critically-panned second installment of the "Ocean's" franchise lacks a cohesive and logical plot, the Santa Cruz comes up short on legroom — particularly in the back seat. While it's roomy enough back there for children and small adults, it seems a bit too cramped to transport large humans any considerable distance. <div type="image" title="The 2022 Hyundai Santa Cruz pickup." height="3333" width="2500" msid="88092780" hostid="261"></div><h2>Our impressions: brings a little quirkiness to bland US roads</h2>The Santa Cruz is an oddball — there's no getting around it. But I'm totally charmed by all of its quirkiness and everything it's trying to accomplish. I think others will be too. <div type="image" title="The 2022 Hyundai Santa Cruz pickup." height="1875" width="2500" msid="88092782" hostid="261"></div>This car-truck-thing isn't going to steal buyers away from F-150s and Tundras, clearly. But it very well may capture the hearts of, say, sporty Subaru owners who want a bit more utility out of their vehicle. The Santa Cruz's relatively compact size makes it a great option for outdoorsy people living in cities where parking is a hassle. And in a car market that's become <a href="https://www.nytimes.com/2021/12/01/opinion/smart-car-technology.html">increasingly homogenous</a> — one where most buyers choose from a sea of similar-looking SUVs and pickups — the Santa Cruz is a refreshing break from the norm.

The $24,000 Hyundai Santa Cruz is a truck that feels like an SUV. It's also the perfect adventure vehicle.

<ul class="summary-list"><li>Low <keyword id="6500467" type="UNKNOWN" weightage="60" keywordseo="mortgage">mortgage</keyword> rates and the remote-work boom fueled home-buying during the pandemic.</li><li>The frenzy has depleted inventory, sent home prices soaring, and anointed new hot places to live.</li><li>This guide lays out the facts to know to help decide if you're ready for homeownership.</li></ul>The hottest pandemic purchase is a house.Some 36 million Americans traded homes in 2020, according to <a href="https://www.businessinsider.com/how-many-americans-moved-during-pandemic-housing-real-estate-zillow-2021-4?r=buyhouse-lp">one Zillow estimate.</a> Unmoored by remote work and driven by the desire to be near family or enjoy a lower cost of living, buyers have been snapping up primary residences and second homes, fleeing the coastal cities and <a href="https://www.businessinsider.com/map-where-americans-moved-counties-from-2019-to-2020-2021-5">flooding states such as Texas and Florida</a>, as well as smaller cities, spacious suburbs, and vacation-home spots.The mass relocations and purchases - coupled with the reluctance of existing homeowners to find a new place to live during a pandemic - have driven the number of homes for sale down to record lows, which in turn has propelled home prices to new highs. Intense bidding have been commonplace. <a href="https://www.businessinsider.com/single-family-rental-investors-squeeze-regular-homebuyers-cerberus-invitation-homes-2021-4?r=buyhouse-lp">Institutional investors</a> have even been getting in on the action.The first signs of a cooling pandemic <keyword id="189423" type="PERSON" weightage="60" keywordseo="housing-market">housing market</keyword> are arriving: Redfin just found that <a href="https://www.businessinsider.com/housing-market-prices-getting-better-sales-affordability-crisis-3-signs-2021-8">home sale prices dipped in July</a> - the first time they didn't set a new record in five months. Even still, prices have much to tumble much further to reach last year's levels: The four-week average for sale prices in July was 18% higher year-over-year.We're still in a <a href="https://www.businessinsider.com/housing-shortage-bubble-pandemic-real-estate-inventory-home-prices-affordability-2021-8?r=buyhouse-lp">housing affordability crisis.</a> It's difficult to break into the real-estate market. Here are six things to understand in order to decide whether you're ready to take the plunge into homeownership.<h2>1. There's a striking imbalance of supply and demand</h2>Competition to buy a home is fierce.There are more people who want to purchase properties than there are homes on the market. (There are even <a href="https://www.wsj.com/articles/new-realtors-pile-into-hot-housing-market-most-find-it-tough-going-11616328002?r=buyhouse-lp">more real-estate agents</a> in the US than there are homes for sale.)<a href="https://www.businessinsider.com/why-there-are-so-few-homes-for-sale-high-prices-2021-3">Dwindling housing supply</a> has fostered intense competition marked by <a href="https://www.businessinsider.com/personal-finance/won-home-bidding-war-without-highest-offer-2020-7?r=buyhouse-lp">bidding wars</a> and <a href="https://www.businessinsider.com/where-wealthy-americans-moved-during-pandemic-luxury-real-estate-suburbs-2021-3?r=buyhouse-lp">all-cash offers</a>.The tightening <keyword id="35061" type="ORGANIZATION" weightage="60" keywordseo="housing">housing</keyword> market is <a href="https://www.businessinsider.com/stella-guan-bought-home-regret-pandemic-buyers-remorse-ibuyer-2020-11?r=buyhouse-lp">goading prospective buyers</a> into expensive homes that don't ultimately fit their wants or needs. But for those with <a href="https://www.businessinsider.com/where-rich-americans-moved-bought-houses-invested-during-pandemic-04-2021?r=buyhouse-lp">cash to spare</a> who are prepared to compromise, now could be a decent time to scoop up a property, especially as prices <a href="https://www.businessinsider.com/housing-market-prices-getting-better-sales-affordability-crisis-3-signs-2021-8">ease up</a> a touch.Read more:<a href="https://www.businessinsider.com/housing-shortage-making-homes-so-expensive-2021-8?r=buyhouse-lp">The US doesn't have enough homes for the number of people who want to buy them - and experts say relief might not come for a decade</a><a href="https://www.businessinsider.com/are-people-still-buying-homes-housing-market-show-americans-tired-2021-8?r=buyhouse-lp">5 charts show that Americans are deciding it's a raw deal to buy a house</a><a href="https://www.businessinsider.com/too-late-to-buy-a-house-coronavirus-pandemic-2021-5?r=buyhouse-lp">Buying a home is a lot harder than it was at the start of the pandemic. Experts say you should wait and avoid buyer's remorse.</a><a href="https://www.businessinsider.com/real-estate-investing-7-best-places-to-buy-rental-property-2021-8?r=buyhouse-lp">Everyone wants to invest in the hot housing market. These are the 7 best cities to buy a rental property in 2021.</a><a href="https://www.businessinsider.com/the-hardest-places-to-buy-a-house-in-the-us-2021-6?r=buyhouse-lp">BIDDING WARS: Brace yourself for a fight if you're looking to buy a home in any of these 10 cities</a><h2>2. Investor activity overcrowds the market, further shrinking inventory</h2>Low mortgage rates and the desire for comfortable work-from-home digs have fueled the home-buying frenzy depleting inventory. The few houses available are selling quickly - and the buyers aren't always hopeful first-time house hunters. Sometimes it's a <a href="https://www.businessinsider.com/single-family-rental-investors-squeeze-regular-homebuyers-cerberus-invitation-homes-2021-4?r=buyhouse-lp">$50 billion private-equity firm.</a><div type="image" title="Invitation Homes executives touring a company property in the Los Angeles area in 2013" height="2589" width="3452" msid="85280585" hostid="261"></div>Large-scale investors, such as <a href="https://www.businessinsider.com/real-estate-investing-reits-cities-blackstone-jon-gray-2021-6">Blackstone</a> and <a href="https://www.businessinsider.com/blackrock-wall-street-investors-buy-homes-neighborhoods-single-family-rental-2021-6">Invitation Homes</a>, have been snapping up homes across the country to rent out for a profit, beating out everyday Americans in bidding wars by offering cash and skipping due diligence. In other instances, it's a company nabbing homes at <a href="https://www.businessinsider.com/opendoor-zillow-redfin-offerpad-ibuyers-earnings-sellers-no-regrets-2021-6">below-market prices for cash</a>, only to turn around and sell them for tens of thousands more weeks later. Read more:<a href="https://www.businessinsider.com/investors-banks-pension-funds-sovereign-wealth-buying-american-homes-sfr-2021-7?r=buyhouse-lp">Who's buying up America's suburbs? Meet the investors scooping up houses to rent out for profit</a><a href="https://www.businessinsider.com/pensions-funds-pour-money-into-single-family-rentals-sfr-profits-2021-7?r=buyhouse-lp">Pension funds are pumping money into single-family homes rented out at a profit: 'There's so much room to run'</a><a href="https://www.businessinsider.com/wall-street-single-family-rental-build-to-rent-houses-finance-2021-7?r=buyhouse-lp">You're struggling to buy a home right now. Wall Street is buying and building entire neighborhoods - and getting rich. What gives?</a><a href="https://www.businessinsider.com/real-estate-investors-realpha-buy-homes-airbnb-short-term-rentals-2021-6?r=buyhouse-lp">Investors are buying up thousands of homes to rent on Airbnb, making already-fierce wars over houses even more cutthroat</a><a href="https://www.businessinsider.com/opendoor-zillow-redfin-offerpad-ibuyers-earnings-sellers-no-regrets-2021-6">OpenDoor, Zillow, and Redfin are paying cash to scoop up thousands of homes, sometimes selling them weeks later for more than they paid</a><h2>3. The current competitive climate has pushed existing home prices sky high</h2>The spike in real-estate activity has decimated housing inventory, ultimately ratcheting home prices up. It means you could be <a href="https://www.businessinsider.com/when-will-home-prices-drop-increase-predictions-forecast-2021-5?r=buyhouse-lp">overpaying</a> for a property you'd be <a href="https://www.businessinsider.com/millennials-buying-fixer-uppers-housing-market-inventory-shortage-real-estate-2021-5?r=buyhouse-lp">settling</a> for anyway.<div type="image" title="stella guan los angeles buy home regret ibuyer" height="1998" width="2664" msid="83212382" hostid="261"></div>Mortgage rates are still at <a href="https://www.businessinsider.com/personal-finance/mortgage-rates-today-august-6-2021-8?r=buyhouse-lp">historic lows</a>, but the <a href="https://www.businessinsider.com/when-will-home-prices-drop-increase-predictions-forecast-2021-5?r=buyhouse-lp">high home prices</a> can cancel out the opportunity to get more house for your money and keep monthly payments affordable.And don't forget to budget for <a href="https://www.businessinsider.com/personal-finance/average-closing-costs?r=buyhouse-lp">closing costs</a> and <a href="https://www.businessinsider.com/personal-finance/average-homeowners-insurance-cost?r=buyhouse-lp">insurance</a>.Read more:<a href="https://www.businessinsider.com/single-family-houses-new-builds-fixer-uppers-starter-homes-problems-2021-6">Every house for sale right now kind of sucks</a><a href="https://www.businessinsider.com/housing-shortage-bubble-pandemic-real-estate-inventory-home-prices-affordability-2021-8?r=buyhouse-lp">We are still in a housing crisis</a><a href="https://www.businessinsider.com/what-is-escalation-clause-worth-risk-benefits-homebuying-2021-7?r=buyhouse-lp">Homebuyers desperate to land their dream house in a tight market are turning to a unique strategy, that some also call a 'necessary evil'</a><a href="https://www.businessinsider.com/housing-market-house-from-hell-colorado-sold-dead-cats-2021-6?r=buyhouse-lp">A vandalized 'house from hell' in Colorado Springs, complete with two dead cats, got 70 offers and is selling for more than $590,000 within 5 days of listing</a><a href="https://www.businessinsider.com/good-time-to-buy-house-rising-home-prices-gallup-poll-2021-5?r=buyhouse-lp">Most Americans think it's a good time to buy a house even though they think prices will keep soaring, which shows just how irresistible the dream of homeownership is</a><h2>4. Building a new home may not be much of an alternative</h2>While existing listings dwindle - in part because homeowners are reluctant to resell their homes out of fear that they may not be able to afford their next one - a possible solution is to buy land and build a new house.But the raw materials necessary to construct a new property have gotten exorbitantly expensive amid the pandemic. Logistics and shipping issues have resulted in long waits for certain supplies.There's also a finite number of contractors and workers to erect such homes. <a href="https://www.businessinsider.com/homebuilders-preventing-millennials-from-affordable-homes-housing-shortage-2021-8?r=buyhouse-lp">Those workers are in demand</a>, meaning <a href="https://www.businessinsider.com/construction-labor-shortage-raises-wages-and-benefits-2021-7?r=buyhouse-lp">labor costs</a> are also high. Builders nationwide <a href="https://www.cnbc.com/2021/03/23/new-home-sales-take-a-hit-as-builders-grapple-with-big-delays-and-bigger-costs.html?r=buyhouse-lp">are facing severe delays</a> to complete new builds or even finish renovation projects on fixer-uppers.<div type="image" title="Lumber" height="733" width="977" msid="83212384" hostid="261"></div>The added costs and delays slow down builders, lead to even more expensive home prices, and act as a deterrent to hopeful buyers.Read more:<a href="https://www.businessinsider.com/elon-musk-effect-boxabl-tiny-home-prefabricated-construction-startup-2021-7?r=buyhouse-lp">The startup that built Elon Musk's tiny house now has a 50,000-person wait list, even though its factory isn't running yet and it's only built 3 homes</a><a href="https://www.businessinsider.com/why-is-lumber-so-expensive-prices-disaster-for-housing-market-2021-5?r=buyhouse-lp">The price of lumber is wild right now and it's a disaster for the already disastrous housing market</a><a href="https://www.businessinsider.com/homebuilders-preventing-millennials-from-affordable-homes-housing-shortage-2021-8?r=buyhouse-lp">Homebuilders are purposely delaying selling homes, and it's intensifying the housing crisis</a><a href="https://www.businessinsider.com/housing-prices-shortage-crisis-national-association-of-realtors-2021-7?r=buyhouse-lp">The 'ever-worsening affordability crisis' in housing came from decades of underbuilding, industry group says</a><a href="https://www.businessinsider.com/construction-labor-shortage-raises-wages-and-benefits-2021-7?r=buyhouse-lp">The construction industry's labor shortage forced one business owner to raise hourly wages to $25 and pay $250 bonuses for working at least 30 days - and he's even started offering health insurance</a><h2>5. Certain <keyword id="6354553" type="COMPANY" weightage="100" keywordseo="real-estate">real estate</keyword> markets are hotter - and far more unaffordable - than others</h2>The pandemic emboldened many Americans - particularly employees who could work remotely - to <a href="https://www.businessinsider.com/exurbs-suburbs-housing-market-migration-real-estate-commute-remote-work-2021-8?r=buyhouse-lp">ditch their big-city apartments</a> and try out the suburbs, rural areas, or different states.It led to booms in states such as <a href="https://www.businessinsider.com/moves-from-san-francisco-to-texas-florida-soared-during-pandemic-2021-4?r=buyhouse-lp">Texas</a>, <a href="https://www.businessinsider.com/wall-street-move-florida-goldman-sachs-elliott-real-estate-2020-12?r=buyhouse-lp">Florida</a>, <a href="https://www.businessinsider.com/millennials-flocking-to-colorado-pandemic-wears-on-2020-9?r=buyhouse-lp">Colorado</a>, and <a href="https://www.businessinsider.com/north-carolina-decadelong-surge-pandemic-real-estate-no-inventory-2020-9?r=buyhouse-lp">North Carolina</a>.Buying a home in these newly popular areas may result in even more competition. Think higher prices and fewer houses to choose from.<div type="image" title="Florida" height="1147" width="1530" msid="83212385" hostid="261"></div>Read more:<a href="https://www.businessinsider.com/where-people-moved-pandemic-austin-the-villages-myrtle-beach-2021-6?r=buyhouse-lp">The 5 most popular places to move to all have good weather, lower taxes, and conservative politics. Here's what life is like in these newly-hot cities.</a><a href="https://www.businessinsider.com/exurbs-suburbs-housing-market-migration-real-estate-commute-remote-work-2021-8?r=buyhouse-lp">How the reshaping of work made the 'exurbs' the place to be, and left the suburbs and cities behind</a><a href="https://www.businessinsider.com/moving-to-huntsville-alabama-tech-jobs-real-estate-home-prices-2021-7?r=buyhouse-lp">Thousands of tech workers are flocking to Huntsville - Alabama's unsung 'rocket city' - for good jobs and Southern hospitality</a> <a href="https://www.businessinsider.com/moving-to-arizona-luxury-real-estate-phoenix-scottsdale-paradise-valley-2021-7?r=buyhouse-lp">Phoenix is so hot right now. No, really.</a><a href="https://www.businessinsider.com/where-to-move-tech-engineers-jobs-austin-pittsburgh-raleigh-madison-2021-6?r=buyhouse-lp">Tech workers and engineers are flocking to these 7 rising US cities - and not a single one is on the coasts</a><h2>6. Buying a house is a personal decision - research before making any offers</h2>Over the past year, some have snatched up houses only to be met with <a href="https://www.businessinsider.com/millennial-homebuyers-biggest-regrets-after-buying-house-2021-6?r=buyhouse-lp">buyer's remorse,</a> while others have happily profited from <a href="https://www.businessinsider.com/real-estate-investing-reits-cities-blackstone-jon-gray-2021-6?r=buyhouse-lp">their real-estate investments.</a>House-hunting hopefuls can prepare to buy by establishing an <a href="https://www.businessinsider.com/personal-finance/how-much-money-to-save-in-emergency-fund-rules?r=buyhouse-lp">emergency fund</a>, determining <a href="https://www.businessinsider.com/personal-finance/financial-planner-steps-to-buy-first-home-2020-9?r=buyhouse-lp">how much to budget</a>, and getting <a href="https://www.businessinsider.com/personal-finance/how-to-get-preapproved-for-mortgage?r=buyhouse-lp">preapproved for a mortgage</a>.Read more:<a href="https://www.businessinsider.com/personal-finance/when-to-buy-a-house?r=buyhouse-lp">8 signs you're ready to buy a house</a><a href="https://www.businessinsider.com/housing-prices-go-down-even-out-real-estate-2021-7?r=buyhouse-lp">Wait until 2022 to buy a house, economists say</a><a href="https://www.businessinsider.com/personal-finance/mortgage-preapproval-letter-before-buying-house?r=buyhouse-lp">Why finding a home shouldn't be your first step toward buying a house</a><a href="https://www.businessinsider.com/buy-a-home-during-pandemic-challenges-stories-bidding-wars-2021-4?r=buyhouse-lp">Confessions of pandemic homebuyers: 6 families open up about overpaying, losing bidding wars, and settling for fixer-uppers in a bonkers housing market</a><a href="https://www.businessinsider.com/personal-finance/dos-and-donts-buying-house-wild-market-2021-5?r=buyhouse-lp">I just bought a house in a red-hot market after 5 rejected offers, and I have 6 dos and don'ts for anyone thinking about buying right now</a>

Should you buy a home right now? Here are the 6 things you should know before diving into the bonkers housing market.

<ul class="summary-list"><li>I'm 24 years old and I am currently <a href="https://www.insider.com/category/freelancer%20renovation-to-road">renovating a secondhand RV</a> so I can <keyword id="6354692" type="UNKNOWN" weightage="60" keywordseo="Travel">travel</keyword> around the world.</li><li>The process is expensive and there are unexpected setbacks, like bad weather and small mistakes.</li><li>Van-lifers on Instagram/TikTok don't really show how stressful and miserable this process can be. </li></ul>With the influence of social media paired with my family's love for DIY projects, it's no surprise that I chose to purchase and renovate a 1980s <a href="https://www.insider.com/things-i-have-for-living-on-the-road-2021-5">travel trailer</a> for $1,500 at just 24 years old. But I was quickly surprised by how much renovating an <keyword id="1323206" type="ORGANIZATION" weightage="60" keywordseo="RV">RV</keyword> is <a href="https://www.insider.com/rv-information-you-should-know-before-buying-secondhand">not nearly as glamorous</a> as the pros on Instagram and TikTok make it seem.<h2>There is no single guideline that tells you where to start or which steps to follow</h2>On my <a href="https://www.insider.com/things-i-wish-i-knew-before-buying-a-secondhand-rv-travel">first day home with the RV</a>, I sat and stared at it like it was a blank canvas. I kept thinking how none of the videos I watched actually prepared me for this moment: The very beginning. All of the research in the world was a couple of clicks away, yet I felt helpless and anxious. I also struggled to create a more detailed plan before I began. It's really hard to design <keyword id="6388544" type="UNKNOWN" weightage="60" keywordseo="van">van</keyword> layouts when you have no background in it and almost zero artistic ability.Even after I decided my first step should be cleaning out my van, I felt caught up with making sure I remained organized, stuck to my budget, and tracked my progress. This is much easier said than done.I also didn't realize how gross cleaning out an RV could be. My secondhand trailer came with used items I didn't want to touch, like used toiletries, clothing, and blankets. <div type="image" title="personal items left" height="2274" width="3024" msid="83063455" hostid="261"></div><h2>Things will go wrong, and unforeseen problems can cause major financial and time setbacks </h2>Going into this process, I kept reminding myself that older trailers will often <a href="https://www.insider.com/i-failed-at-van-life-what-went-wrong">come with unforeseen issues</a>. But there's nothing glamorous about the sheer stress and panic that comes along with realizing every minor <keyword id="69178" type="PERSON" weightage="60" keywordseo="renovation">renovation</keyword> could require seemingly unpredictable hours of demolition and work. It was a huge mental game just to <a href="https://www.insider.com/interesting-things-about-living-on-the-road-with-family">adjust my expectations</a> from the luxurious renovations and builds that were flooding my social-media feeds to reality. Everyone has a breaking point -and even though I'm a relatively calm, easy-going person, the flooring issue in my van was mine. The original trailer listing claimed to have "a few soft spots near the entrance door." This would've been an easy fix. But after 10 minutes of examining the RV, I discovered the entire main trailer floor, including the exterior framing sheet metal, was rotted down to the studs.A fix that would've taken five minutes and $45 became a five-day, $500 project complete with a few tears and choice words. <div type="image" title="repairs (3)" height="1024" width="768" msid="83063458" hostid="261"></div><h2>Working with a budget is even trickier since certain goods are currently at sky-high prices </h2>I feel like a lot of van-lifers don't really touch on how stressful the money aspect of these renovations can be. For starters, many who have been to a home-improvement store within the past year know that the pandemic has put some serious pressure on the supply-and-demand chain. Construction equipment and building materials - <a href="https://www.businessinsider.com/why-is-lumber-so-expensive-homebuilding-real-estate-newbuild-inventory-2021-3">especially lumber</a> - are <a href="https://www.cbs8.com/article/news/local/why-construction-materials-are-going-up-in-price/509-94ff684c-71a5-4f56-99c2-8f872950744e">among the items impacted</a> and of high demand, so now I'm paying higher-than-usual prices that don't seem to be dropping anytime soon. Fortunately, I adjusted my budget ahead of time to fit the expected prices, but it still hurts when I have to pay more than I know something's typically worth. <h2>The smallest mistake and misstep can be totally heartbreaking (and expensive) </h2>Unfortunately, I did not really plan for potential mistakes when I started my renovation. I also didn't realize how expensive they could get. There's no worse feeling than ruining an entire piece of expensive plywood with a botched cut because you incorrectly measured by a centimeter.Actually, it may be even worse spending an entire weekend replacing rotted sheet metal only to have your mom accidentally wreck it by stepping on it.<h2>There's also a lot of comparison and pressure to create a perfect build </h2>I know I'm doing my project alone and on my own budget, but it's hard not comparing myself to those working as a team or with larger budgets or different skill sets. It's even harder not to feel jealous and compare my work to the photogenic masterpieces I see on TikTok and Instagram. There's a constant pressure I place on myself to create something not only I am proud of but other people will be proud of too. <div type="image" title="repaired floor" height="3024" width="4032" msid="83063460" hostid="261"></div><h2>Power tools aren't as easy to operate as they look, and a huge learning curve is needed for renovations </h2>A lot of van-lifers don't seem to showcase just how many extra hours some of us need to dedicate to renovations, whether it be getting the hang of power tools or watching countless YouTube videos on construction.For me, I'm using a lot of not-so-fabulous hours hearing lectures from my dad about electricity, plumbing, heating/cooling, and weight distribution. I'm very thankful he comes equipped with renovation know-how and every power tool and piece of construction equipment imaginable.As easy as it would be to let him take over, I've felt it's more important to take the extra time to have him teach me and supervise, stepping in when needed. But this requires a massive learning curve.<div type="image" title="Rotted Flooring" height="3992" width="2994" msid="83063464" hostid="261"></div><h2>I also underestimated how much Mother Nature would work against me and how often I'd feel defeated </h2>I'm located in New Jersey and I originally purchased my travel trailer back in January. I held a very unrealistic expectation that I could complete the entire renovation within a month or two.My expectations quickly fell short of reality. Mother Nature's blisteringly cold winter had won. At no point did I expect the next few months would come with constant blizzards, dumping multiple feet of snow on the ground (and my trailer). There was absolutely nothing glamorous about spending a freezing day with a hose and bucket of soap with nearly frostbitten hands cleaning the dirty exterior of the trailer. It was, plain and simply put, miserable. <a href="https://www.insider.com/what-to-know-before-traveling-in-a-camper-van-tips">This reality hit me hard</a>. I felt so defeated I would have to put major renovations on hold for the upcoming winter months.<h2>It feels like a lot of van-lifers don't showcase the recurring feelings of misery and defeat</h2>Above all, I wish the people I watched online had showcased more of the uncomfortable, overwhelming feelings that come along with the positives so I'd have a more accurate idea of <a href="https://www.insider.com/surprising-things-about-living-in-a-camper-van-what-it-is-like">what to expect going into my first major renovation</a>. I haven't seen others share the tears that come with going out in the middle of the night to climb a ladder and clear snow off your RV roof in the middle of a blizzard because you have no clue how much weight a 31- year-old trailer can support. Or how awful it feels when the unpredictable weather gets in the way of your entire schedule. Major projects I had hoped to finish already, like painting the exterior, continue to be placed on hold.I wish I had tons of updates and before-and-after pictures ready to go, but the difficult truth is that there is nothing enjoyable about renovations in the rain. I often felt too defeated by the weather to even want to try. <h2>But even the most unglamorous, difficult moments have some perks and upsides </h2>I know this process doesn't sound fun at all. In fact, it sounds pretty miserable - but l've learned there's always a way to turn these not-so-great moments into something more. In hindsight, the most unglamorous moments are some that make me love this journey the most.I cherish working with my 13-year-old cousin to design sketches because she's an incredible artist and I'm not. It means so much to me that my mom's risked a few numb fingers to help me wash the trailer in freezing temperatures. I love the memories I've made, hysterically laughing with my parents over falling through the van's floor or cleaning snow off the roof only to turn it into a snowball fight.I've also gotten closer with friends, who have offered their different skills in places mine may lack and provide me with constant encouragement. It's even been fun to hear from strangers who are excited to see my final van-build result. Sometimes renovations are all about perspective, and a good attitude even on the worst days makes all the difference. Follow along to <a href="https://www.insider.com/category/freelancer%20renovation-to-road">see the full renovation process and where my trailer takes me next</a>.

I'm 24 and renovating my first RV. Here are the 7 most unglamorous parts you won't see on Instagram.

ReutersWhat we're about to talk about is much bigger than Donald Trump. It's bigger than 'Make America Great Again' and fake news. It's bigger than Brexit, and it's bigger than France's National Front.What we're about to talk about is trust, and how it demonstrates its presence in markets. We're going to talk about cooperators and non-cooperators. We're going to talk about world peace.But let's start small.Over the last week, Donald Trump has turned his back on the world's best hope for wealth and happiness - global trade. He has reignited an old, failed fight over Canadian lumber, upsetting our allies to the north. He has played on the fears of Americans by using national security as an excuse to investigate steel and aluminum imports. He has opened the door for American corporations willing to use the power of the White House for their own ends.And yet, there are many in the United States, the richest country in the world, who cheer this bullying.On both the extreme right and left, trade has become maligned as a harbinger of economic catastrophe - a violent force with the power to decimate the industries employing entire nations. And that can be true.But what is also true, is that trade is a powerful force for good. We've known that for decades. More importantly, perhaps, we know that trade is an approximation for trust."Unhampered trade dovetailed with peace; high tariffs, trade barriers, and unfair competition with war," said Cordell Hull, the US Secretary of State from 1934 to 44."It is a fact that war did not break out between the US and any country with which we had negotiated a trade agreement."If trade leads to trust and cooperation, turning away from trade creates mistrust and animosity. While some think that globalization - a leap of trust and cooperation if there ever was one on this planet - started with the end of WWII, many economists and historians believe it actually started in 1870, only to collapse with the rumblings of WWI in 1913.What these academics have found is that cooperation and trust, like trade, do not move in a straight line. Instead, they move in cycles - in ups and downs, in moments of darkness and light.Guess where we're headed.<h2>Perhaps you're familiar with Professor Nowak</h2>This idea of the cycle is based on the work of mathematical biologist, Martin Nowak of Harvard University. He posited that trust and cooperation are cyclical simply because decisions have consequences, and those decisions impact people's worlds. That world, in turn, impacts people's decisions. It's a conversation.Here's an example. Say you buy a tank of two dozen piranhas, and within about 10 days of setting up the tank with all your gorgeous fish, one piranha realizes that it can eat one of its tankmates. And it likes the taste. This is a very high form of non-cooperation to say the very least.All of the sudden all of the piranhas realize that non-cooperation is delicious and that its tankmates are dangerous and not to be trusted. There is a feeding frenzy and by day 14, there are only 5 piranhas left swimming. They decide at that point, after all the decimation, that cooperation is better. Trust is better. Without it, they'll all die.That's how the cycle of trust and cooperation works. <a class="zoomin" href="https://static-ssl.businessinsider.com/image/59039fa77dea727b118b5112-960/ages of globalization.jpg"></a><a href="https://piie.com/blogs/realtime-economic-issues-watch/twenty-first-century-trade-integration-eight-figures">Peterson Institute of Economics; Klasing and Milionis (2013) for historical data, WTO for 1960-2011, Johnson and Noguera (2012) for value-added adjustment.</a>Economists Mariko J. Klasing and Petros Milionis, Professors at the Netherlands' University of Groningen then gave us the data to overlay Nowak's cycle onto the history of global trade. In their paper, <a href="http://www.rug.nl/research/portal/files/15518110/gd126.pdf">Reassessing the Evolution of World Trade, 1870-1949</a>, they figured out that trade was a much bigger deal before WWI than economists initially thought. "Our estimates indicate that trade shares during the 1870-1949 period were on average 32% higher compared to existing accounts and the world ís level of openness to trade in 1913 had been comparable to that in 1974. This implies that the rise and fall of world trade that took place over this period were much more pronounced than previously documented," they wrote.In other words, we've already had a period where globalization came and went when deep cooperation turned into non-cooperation in markets. Indeed, back in 1914 legendary economist, John Maynard Keynes extolled the virtues of his globalist era, one marked by the ease of transportation thanks to deflated costs."What an extraordinary episode in the economic progress of man that age was which came to an end in August, 1914." he wrote. "The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, in such quantity as he might see fit, and reasonably expect their early delivery upon his doorstep; he could at the same moment and by the same means adventure his wealth in the natural resources and new enterprises of any quarter of the world, and share, without exertion or even trouble, in their prospective fruits and advantages; or he could decide to couple the security of his fortunes with the good faith of the townspeople of any substantial municipality in any continent that fancy or information might recommend."In short: What a time to be alive.But of course, as we know, this globalization did not benefit everyone. While income convergence was taking place on a global scale, some members of society were being left behind. Returning to Nowak's thesis, these people are the non-cooperators. They are the ones who want to throw out the elites and rip it all down. You see, every cycle has them.<h2>Non-cooperators in the 2nd era of globalization</h2>Our non-cooperators are Nigel Farage and Donald Trump, they are scared because this second wave has left them behind in a world they no longer recognize. In the US economy - and indeed in the world - during second globalization era, service goods like banking and healthcare have become more tradeable than manufactured goods. People who made the latter, especially those in the developed world, are no longer comfortable in this economy. For many, instead of converging, their incomes are disintegrating. That's why a populist message is resonating.<a href="https://piie.com/blogs/realtime-economic-issues-watch/twenty-first-century-trade-integration-eight-figures">Peterson Institute for International Economics; Maddison for historical estimates, Penn World Tables 7.1 for 1951-2010.</a>"Notes: This chart shows two global openness indices: a simple average (holding the sample constant of export-to-GDP ratios), and a population-weighted measure." -PIIEBut populism and protectionism needn't go hand in hand. It was President Theodore Roosevelt, America's most successful populist, who opened up trade with Canada and the Caribbean. He had his reservations about free trade, but he also saw it as a challenge that the U.S., as a strong nation, should face with energy. After all, he loved a competition.This is the opposite of the lethargy Trumpians recommend. Instead of innovating our economy, they prefer to reignite old fights. The 20% tariff the administration just put on softwood lumber is a perfect example. Commerce Secretary Wilbur Ross announced the tariff arguing that, because lumber harvested from Canada's state-owned timber lands is cheaper than lumber from U.S. private lands, the country has an unfair advantage. The United States has argued this before the World Trade Organization before, and we've lost. Structural differences in domestic economies do not count as a trade advantage in the eyes of international law.But here we are."It is an old subject, unfortunately, it's coming back," <a href="https://www.pol.ulaval.ca/?pid=238">Carl Grenier</a>, a former executive vice-president (1999-2006) of the Free Trade Lumber Council and current professor at the University of Leval in Canada told Business Insider. "There is a pattern in the three deals that have been made in the past... each deal has been more restrictive to the US market than the previous one. That's why it [this fight] keeps coming back even though we've beaten them every time, it never seems to die."Grenier accuses the US lumber industry of seeking a hand-out, and hurting Canada's industry in the process."The only thing they [American lumber companies] want is more money," Grenier told Business Insider. "When they bring countervailing duties the price of lumber and land goes up in the U.S... "The fit is perfect but the US lumber industry has found a quick way, a cheap way, and an easy way to make money."Of course, it's at the expense of goodwill with one of our country's best allies. Grenier called this issue a "major irritant" for Canada.After it was announced, The National Association of Homebuilders put out a statement saying that this lumber tariff would be devastating for housing. The group agrees with Grenier in that it believes the US lumber industry doesn't have enough supply to meet domestic demand alone anyway."If the 20 percent lumber duty remains in effect throughout 2017, NAHB estimates this will result in the loss of nearly $500 million in wages and salaries for U.S. workers, $350 million in taxes and other revenue for the governments in the U.S. and more than 8,200 full-time U.S. jobs," according to Granger MacDonald, chairman of the National Association of Home Builders. "Lumber prices have already jumped 22 percent since the beginning of the year, largely in anticipation of new tariffs, adding nearly $3,600 to the price of a new single-family home."In other words, protectionism makes things more expensive. It also makes things more complicated. Consider Trump's 'Buy American, Hire American' mandate. It requires companies to do more research into who and what they're buying (kind of like a regulation, wouldn't you agree?). It will require that products be made with more expensive American components. That cost will be passed on to the consumer.AP<h2>The word 'credit' actually comes from the Latin word for 'trust'</h2>This trust and cooperation deficit is happening at a bad time for the driver of our domestic economy - the almighty American consumer. Right now, US consumer debt takes up 20% of gross domestic product, and the consumer is starting to show strain. This showed up in the country's dismal first quarter GDP print, 0.7%, below the 1% expected by economists. This was in large part due to a lag in personal spending."Real personal consumption grew by just 0.3% in the first quarter, down from an increase of 3.5% in the fourth quarter of 2016," <a href="http://www.businessinsider.com/personal-consumption-q1-gdp-2017-4">Business Insider's Bob Bryan</a> noted following the reading. "It's the smallest increase since Q4 2009, just two quarters removed from the recession."Now there are a bunch of reasons for all this. Despite the fact the country dug itself out of a mortgage debt hole after the great financial crisis, other things gave. Student loans for one, auto loans for another. Some of this is much deeper than that though. Some of it is that income divergence we were talking about."Higher income inequality seems to have been conducive to unsustainable consumer borrowing in the run-up to the Global Financial Crisis (GFC)," Morgan Stanley said in a note to investors last year. "After disadvantaged households bumped up their consumption possibilities through borrowing, they found themselves with impaired balance sheets, limited income prospects, and heavy debt loads in the aftermath of the crisis. Unsurprisingly, they are frustrated by their dim prospects."This, Morgan Stanley, is a global phenomenon. It hasn't gone away either. To solve this problem, the bank suggests investing in "access to education, enhance social mobility and improve financial stability."But that's not what we're doing. Here in the United States we have an Education Secretary who barely believes in public education. We have a Republican Congress callous enough to call for kicking millions of Americans off of health insurance. We have a President who is willing to abuse something that builds trust, connects nations, fosters cooperation, and makes up 28% of our country's economic output. We're in a tight spot. <h3>NOW WATCH: <a href="http://www.businessinsider.com/man-spent-6-weeks-working-undercover-apple-iphone-factory-china-heres-what-it-was-like-2017-4">This man spent 6 weeks working undercover in an iPhone factory in China - here's what it was like</a></h3> Please enable Javascript to watch this video

Trump has turned his back on the one thing that makes the world rich and happy

<div class="KonaFilter image-container float_right"><div class="image on-image"></div></div>US stocks closed higher as the European Central Bank revised growth higher and announced details of its quantitative easing program beginning later this month.First, the scoreboard:<ul><li>Dow: 18,135.72 +38.82 (0.21%)</li><li>S&amp;P 500: 2,101.04 +2.51 (0.12%)</li><li>Nasdaq: 4,982.81 +15.67 (0.32%)</li></ul>And now, the top stories on Thursday:<ol><li><a href="http://www.businessinsider.com/initial-jobless-claims-mach-5-2015-3">Initial jobless claims rose more than expected last week</a> to 320,000 from 313,000 the previous week. Economists had estimated that claims would fall to 295,000. The four-week moving average of claims rose 10,250 from the previous week to 304,750. "Whether the sustained rise is just another weather-related fluke or the start of a sustained pickup in layoffs is an open question," wrote UBS' Maury Harris in a note.</li><li>In other data, <a href="http://www.businessinsider.com/january-factory-orders-march-5-2015-3">factory orders fell for the sixth straight month in January</a>, declining 0.2%. Expectations were for a 0.2% rise, following a 3.4% slump in December. Excluding transportation, orders fell 1.8%. Consumer confidence also rebounded, according to Bloomberg. "<a href="http://bloomberg.econoday.com/byshoweventfull.asp?fid=466924&amp;cust=bloomberg-us&amp;year=2015&amp;lid=0&amp;prev=/byweek.asp#top">Consumer confidence in the U.S. rebounded last week</a> from its lowest level of the year as stocks reached record highs, bolstering Americans' wealth," Bloomberg noted, as the company's Consumer Comfort reading climbed to 43.5 last week from 42.7 the prior week.</li><li><a href="http://www.businessinsider.com/european-central-bank-ecb-press-conference-march-2015-2015-3">The European Central Bank raised its growth outlook for the bloc</a> as it kept interest rates unchanged and announced details of its quantitative easing program. The ECB is forecasting 1.5% growth this year and 1.9% in 2016, up from 1% and 1.5% respectively. In his press conference, ECB president Mario Draghi said inflation could remain flat through this year and climb to the bank's 2% target by 2017. The upper cap on the emergency liquidity assistance scheme for Greece's banks has been raised by €500 million, to up to €68.8 bln. The ECB will buy €60 billion of bonds a month until September 2016.</li><li>Meanwhile, <a href="http://www.businessinsider.com/market-update-march-5-2015-3">the Euro broke $1.10 against the dollar for the first time since 2003</a>, falling as low as $1.0988. Germany's 10-year bund yield rose to as high as 35 basis points, up almost 11%.</li><li><a href="http://www.businessinsider.com/american-eagle-energy-bond-interest-payment-2015-3">American Eagle Energy company may be about to default on its bond payments</a>. The Colorado-based energy company missed its first interest payments of nearly $10 million on Monday, extending the deadline by 30 days as previously agreed. According to Bloomberg, it has hired two financial advisers to help negotiate with bondholders to restructure the debt. Junk bonds partly fueled the shale boom, but this company may not be able to pay back the money due to the oil crash.</li><li><a href="http://www.businessinsider.com/american-eagle-energy-bond-interest-payment-2015-3">In February, the oil crash erased 18,299 jobs</a>. The latest monthly report from staffing consultancy firm Challenger, Gray &amp; Christmas noted that "these companies, while reluctant to completely shutter operations, are being forced to trim payrolls to contain costs." Last month, 16,333 jobs in the energy sector were cut, while the loss of 18,299 jobs overall were blamed on the decline in oil prices. Year-to-date, 36,532 jobs in the energy sector have been lost compared to 513 jobs lost over the first two months of 2014.</li><li>Meanwhile, the Energy Information Administration says the US is running out of storage space for oil because "<a href="http://www.businessinsider.com/us-is-running-out-of-crude-oil-storage-2015-3">the exact amount of storage capacity that must be available to maintain operation of crude oil storage and transportation systems is unknown.</a>" And as inventories continue to build, <a href="http://www.businessinsider.com/credit-suisse-on-contango-oil-prices-2015-3">Credit Suisse says the market could enter "super contango."</a> Contango is a situation where futures prices are higher than expected spot prices. Higher US imports could push inventories to tank tops, widening the WTI-Brent spread, and increasing the need to send the excess oil to international markets. This could send the price of Brent lower unless international demand increases, the firm said.</li><li><a href="http://www.businessinsider.com/citigroup-is-facing-a-make-or-break-moment-2015-2">Goldman maintained its "Buy" rating on Lumber Liquidators but slashed its price target to $40 from $60.</a> "We have no reason not to believe the company's recent assertions in the face of poor headlines, and have not seen proof of danger to consumers," Goldman wrote in a note. Lumber Liquidators' risk/reward looks favorable, and the Chinese-made laminate flooring that reportedly contain dangerous levels of formaldehyde are a small fraction of its output. Shares tumbled as much as 25% this week after a "60 Minutes" report Sunday detailed apparent violations.</li></ol>DON'T MISS: <a href="http://www.businessinsider.com/february-jobs-report-preview-2015-3">Economists think the labor market had another great month in February</a>

STOCKS RALLY, EURO SINKS: Here's what you need to know

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>US stocks tanked through the trading day on Tuesday, erasing all their gains for the year, and the dollar rallied to a 12-year high versus the euro.First, the scoreboard:<ul><li>Dow: 17,715.38 -280.34 (-1.56%)</li><li>S&amp;P 500: 2,050.09 -29.34 (-1.41%)</li><li>Nasdaq: 4,872.44 -70.00 (-1.42%)</li></ul>And now, the top stories on Tuesday:<ol><li><a href="http://www.businessinsider.com/the-euro-is-tumbling-again-and-analysts-are-talking-about-parity-with-the-dollar-2015-3">The euro plunged to a 12-year low against the US dollar</a>. It fell below $1.07 for the first time since 2003 to as low as $1.0698. The market was focused on the European Central Bank's quantitative easing program, which kicked off yesterday. With the US Federal Reserve expected to raise interest rates later this year, and European rates expected to stay low, there is increased demand for the dollar. And according to Deutsche Bank, the Euro could reach parity with the dollar by the end of this year.</li><li>European bond yields fell to record lows following the start of QE. Yields on 10-year notes in nearly a dozen countries including Germany fell to all-time lows.</li><li>In US economic data, the NFIB Small Business Optimism Index inched up to 98.0 from 97.9 last month, missing the estimate of 98.9. The new Job Openings and Labor Turnover Survey report from the Bureau of Labor Statistics showed that <a href="http://www.businessinsider.com/jolts-january-2015-2015-3">US companies had 4.998 million job openings in January</a>, slightly lower than the 5.050 million expected by economists. December's number was revised down to 4.877 million from an earlier estimate of 5.028 million.</li><li>In commodities, <a href="http://www.businessinsider.com/gold-is-getting-smoked-2015-3">gold fell by up to $5 an ounce (or around 1%) on Tuesday</a> after falling nearly 3% last Friday. According to Barclays, the strong jobs report increased bets that interest rates will rise soon; gold is a zero-yielding commodity, and is in less demand when rates are seen to be rising. West Texas Intermediate crude oil fell as much as 2.6% to around $48.68 per barrel.</li><li><a href="http://www.businessinsider.com/citron-research-on-lumber-liquidators-2015-3">Shares of Lumber Liquidators rallied by up to 11%</a>, after influential short-seller Citron Research said in a note that the selloff may be "largely overdone." The company's shares fell more than 14% on Monday as several class action lawsuits emerged. The company's laminate flooring was the subject of a CBS "60 Minutes" investigation broadcast March 1. Tests found that its flooring contained levels of formaldehyde, a potentially cancer-causing chemical, that breach regulatory standards. The company has said "60 Minutes" used an improper testing method, and will address the issue further during a <a href="http://www.businessinsider.com/questions-lumber-liquidators-needs-to-answer-during-investor-call-2015-3">conference call on Thursday</a>.</li><li><a href="http://www.businessinsider.com/contango-almost-over-2015-3">It's now nearly impossible to profit from hoarding oil on a supertanker</a>. As the price of Brent oil has rallied, this trade has become more expensive and virtually unprofitable, according to a Reuters report. The oil market has been in contango, meaning that futures prices were higher than expected spot prices, and so people could profit from storing oil for later delivery. American crude oil is still piling in storage for the most part.</li></ol>DON'T MISS: <a href="http://www.businessinsider.com/original-companies-on-the-dow-jones-industrial-average-2015-3">WHERE ARE THEY NOW? The 12 members of the 1896 Dow Jones Industrial Average »</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/nationwide-insurance-industry-loss-ratio-2015-2">Nationwide's Super Bowl commercial about dead children is about corporate profits ... in a way that we can all appreciate</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="9rbTk0czrPq8J40cVbMQn_BvP7NgiiIY" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

You Searched For "lumber spot price" and got 14 results

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