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In this Real Estate News Brief for the week ending May 1st, 2021… the economic recovery boom, home price growth, and what builders are doing about lumber prices. Economic News We begin with economic news from this past week, and the results of a two-day policy meeting by the Federal Reserve. Fed Chief Jerome Powell acknowledged a big improvement to economic conditions, and the Fed no longer feels that COVID-19 presents a “considerable risk” to the economy. But Powell says the central bank is committed to its current stimulus strategy. As you know, short-term interest rates are near zero, and the Fed is buying $120 billion in Treasury and mortgage-backed bonds every month. Economists say the economy is poised for a boom in 2021. In fact, first quarter GDP was 6.4%. Incomes were also up more than 21% last month, and spending was up more than 4%, thanks in part to government stimulus and those $1,400 checks. Many Americans also have more money saved than normal, and are now spending it on things like new cars an