Plaquemines Parish New Oil Terminal Cancelled

 

Tallgrass Energy Partners is now going back to the drawing board to discuss different options for the property in Plaquemines Parish that was slated to become an oil export terminal and pipeline. The Midwest energy company called off the $2.5 billion project last month as they felt the world is going another way away from oil and gas.

The property which is located on 200-acres up the Mississippi River from Ironton is owned by the Plaquemines Port Harbor & Transit District. Tallgrass is leasing the property from the port and both companies are discussing "other ways to develop its Ironton property." Some of the discussions were using it for a distribution center or warehousing.

After a study conducted, the company sees that the market is changing. Many are swaying away from oil and gas and looking into other alternatives. If the project had been completed, the terminal would have been able to store around 20 million barrels of oil.

The site which was part of the St. Rosalie Plantation is part of the communities history. In fact, many residents of Ironton descended from slaves who lived at the plantation. Many residents were opposed to the project because it would be built over the plantation's cemetery.

“Integrity and respect are core Tallgrass values,” William Moler, CEO of the Leawood company said. “As part of our PLT permitting process, our cultural survey work identified a cemetery and potential artifacts consistent with what community members shared about the history of the site. Since then, we reduced our development footprint to protect those areas and engaged with the Ironton community and other local stakeholders on an appropriate path toward memorializing them.”

Ironton residences were excited by the news of Tallgrass' decision to stop the project. Residents are still struggling from Hurricane Ida's destruction to Ironton. Many residents moved away from the area after the storm surge flooded most of the community. Those who are still there feel like they have a victory.

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Five Things Not To Do When Venting Your Attic

 

A good environment for your attic is very important. Your attic ventilation system should work together and not against each other so it is important to make sure the system is balanced. Below are five mistakes not to do when it comes to your attic ventilation.

1. Placing Intake Vents Too High or Exhaust Vents Too Low

You want a balanced system that brings in fresh, cool air at the lowest part of the attic space and sends out the warm, moist air at the highest point of the attic space.

If the vents are placed in the wrong spots, the airflow will not work correctly. This will hinder the attic vent system's effectiveness. If they are too low on the roof, they can disrupt or short circuit the system. Remember the rule of thumb is to place the intake vent should sit at the lowest possible point on the roof which lines up with the lowest part of the attic space. Exhaust vents should be placed at the highest possible point. This point aligns with the highest part of the attic space.

2. Mixing Exhaust Products within the Same Attic Space

Doing this can short circuit the airflow. Also mixing exhaust products can allow for weather and leaves and debris to come into the home through the attic.

Always use the same type of exhaust vent in your attic space. Also, make sure that the vents meet the NFVA (net free ventilating area) requirements. This will allow continuous airflow through the attic space.

3. Cutting the Ridge Vent Opening Too Long

Sometimes homeowners want to put a ridge vent along the entire ridge for looks but this is doesn't mean you have to cut open the entire air slot on the ridge below the vent. Doing this can disrupt the airflow of the whole system.

An example of the correct installation can help with understanding the process. If a homeowner has an attic space that must have 288 square inches of exhaust and a 4ft plastic ridge vent is used with an 18 square inch per lineal foot of NFVA, then only 16 ft of the 40-foot ridge needs to be cut open.

4. Clogged or Blocked Intake Vents

Weather and debris such as paint, dirt, dust or even spiderwebs can clog your intake vents even if they are installed correctly. Check your intake vents and clean them by removing the debris. Remember to never install attic insulation from the inside over the vent, and make sure to check to see if the hole in the vent has been properly cut.

5. Having Missing or Inadequate Intake

This is the most important component of the attic ventilation system. If there is no air coming in through the intake or not enough, an exhaust vent will not function correctly. The powered exhaust vents will also overrun and burn the power vent's motor. Remember always check that you have a balanced attic ventilation system with the proper amount of intake and exhaust ventilation for the attic space being ventilated.

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Will Supply-Chain Problems Affect Housing Affordability?

 

Although the hot market and buyer demand have pushed up home prices, the market still shows steady housing affordability. Even though home prices have risen, they are offset by the record low mortgage rates. According to reports, the housing market is not all smooth sailing. The ongoing supply-chain problems around the world have disrupted new construction and renovations.

The National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) reported that 56.6% of both new and existing homes that were sold between July 2021 and September 2021 were affordable for U.S. families earning a median income of $79,900. This is the lowest affordability level since the first quarter of 2012!

The HOI also revealed that the U.S. national median home price rose to a record $355,000 in the third quarter. This is a rise of $5,000 from the second quarter of 2021 and a $35,000 increase from the first quarter of 2021. Buyers did not feel the rise because the average mortgage rates dropped by 14 basis points to 2.95% at the same time.

This is good news but there are some setbacks to the market. It has been hard to get materials and product is increasing in price at a fast pace.

“Persistent building material supply chain bottlenecks and tariffs on Canadian lumber and Chinese steel and aluminum continue to place upward pressure on construction costs and home prices,” said NAHB Chairman Chuck Fowke. “Policymakers must fix supply chain vulnerabilities that are disrupting and delaying construction projects and hurting housing affordability.”

“Interest rates are anticipated to gradually rise in the coming months as the Fed begins to taper its monthly bond and mortgage-backed securities purchases,” said NAHB Chief Economist Robert Dietz. “To keep affordability problems from worsening in the future, policymakers need to tackle supply-chain challenges that are hindering new home production. Helping builders boost output will also slow the rapid rise in home prices that has occurred over the past year.”

The five most affordable housing markets around the country currently are Lansing-East Lansing, MI, Pittsburgh, PA, Indianapolis-Carmel-Anderson, IN, Scranton-Wilkers-Barre-Hazleton, PA and Harrisburg-Carlisle, PA. The five least affordable major housing markets are Los Angeles-Long Beach-Glendale, CA, Anaheim-Santa Ana-Irvine, CA/San Francisco-Redwood City-South San Francisco, CA tied for second, San Diego-Carlsbad, CA and Oxnard-Thousand Oaks-Ventura, CA.

For the small housing markets, the five most affordable are Davenport-Moline-Rock Island, IA-ILL, Monroe, MI, Sierra Vista-Douglas, AZ, Fairbanks, AL and Wheeling, WV-OH. The least affordable small housing are Corvallis, OR, Salinas, CA, Napa, CA, Santa-Cruz-Watsonville, CA and San Luis Obispo-Paso Robles-Arroyo Grande, CA.

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Home Sale Both Existing and Pending Are Strong the Month of October

 

According to the National Association of Realtors (NAR) pending home and existing home sales rose in the month of October 2021. This is surprisingly good news considering the low inventory and rising home prices.

As of October 2021, the Pending Home Sales Index (PHSI) rose from 116.5 to 125.2 which is an increase of 7.5%. Existing home sales were at the highest level since January 2021 at an adjusted annual rate of 6.34 million which was an 0.8% increase.

It is still a concern that first-time and young home buyers will be priced out of the market. The first-time buyer share fell to 29% in October, up from 28% in September and down from 32% a year ago. The October inventory level declined from 1.26 to 1.25 million units and is still down from 1.42 million units a year ago.

There is good news for new home construction. The supply of resales is very low. October 2021 reported that unsold inventory was sitting at a 2.4-month supply. This is down from the 2.5-month supply reported in October 2020.

Although the supply was down from October 2020, the average days on market were down in October 2021 to 18 days. It was reported that 82% of homes sold in October 2021 were on the market for just one month. Out of these transactions, 24% were all-cash which was also up from 19% reported last year in October.

The low inventory does continue to bump up home prices. The median home price reported for October 2021 was up 13.1% at 353,900 from a year ago. This is the 116th consecutive month of year-over-year increases making it the longest-running streak recorded.

If you are in the market for a new or existing home, now is still a good time to buy. Contact a local professional Realtor to help you with your search and purchase of a new home.

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