Just as a cost-of reality check, I know a home builder who has seen an increase in lumber 150% or so, like 2 years ago, the framing package for one of their homes was 16,000 dollars and this year it was 41,000 for the same lumber. That's not all building supplies, but nothing has gotten cheaper.
I'd be pulling out too. They can't do what they thought they could with the money they had, and it's not by just a tiny bit.
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