Wow we didn't see this one comming. If the market itself wasn't a reason to rethink what business to be in and the market crashing still being so fresh, now we got Chinese Dry Wall to contend with. Where did that come from? Look at housing prices now! Falling falling falling.
It is reported that during the housing boom 500 million pounds of this nasty stuff was imported into the US a few years ago. That equates about 100,000 homes built this drywall in the United States alone.
Wall Street Journal reports that the danger is to electric, fire and health. This leaves many homeowners with a big decision to make. The EPA revealed that the drywall contained elevated levels of strontium sulfide, as well as several organic compounds associated with the production of acrylic paint which were not present in samples of U.S.-made drywall. What that exactly means, we don't know yet but it does not look good.
The cost to rehab these homes is over $20,000 as all the drywall, insulation and some of the plumbing as well as the air conditioning air handler needs to be replaced. So what does this leave for homeowners? Many are just plain walking away. Some are trying to deal with the issues. Many are becoming available for sale as great deals and the investors buying them are rehabing and fliping them.
For those buying homes right now, make sure you get a home inspection that includes the inspection for the Chinese Dry Wall.
For more information on buying homes contact us at AAA Realty LLC 239-368-8520
1 comment:
The defective Chinese drywall debacle has been making news for months now, with homeowners plagued by sulfur fumes that smell like “rotten eggs” and cause air conditioning coils to corrode. Residents complain of sinus and respiratory ailments, eye and skin irritation, persistent runny or bloody noses, headaches, and asthma. Some situations were so severe that residents had to vacate their homes. In some cases, victims have been harassed by builders into signing unfair, one-side remediation agreements. The issues surrounding defective Chinese drywall are confusing and worrisome. Here is a good blog that has been providing emerging and valuable information on the problems: www.chinese-drywall-answers.com
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