Surging jobsite raids put 370,000 new home completions at risk

America’s homebuilders entered the fall with 256,000 newly constructed homes still under construction for sale and another 114,000 permitted or otherwise classified as not yet started.Together, those 370,000 homes represent an enormous amount of work builders still have to complete, along with intensifying business risk tied to their ability to do so.The figures come from the Census Bureau’s August New Home Sales report, as highlighted by housing economist Bill McBride of Calculated Risk. They take on added urgency as builders enter the final months of 2026, racing to move homes through the remaining stages of construction, complete deliveries before winter and year-end, and convert invested capital back into cash.These are homes for sale, not homes already under contract. But that distinction should not be mistaken for a lack of financial exposure. By the time a builder has secured land, developed lots, obtained permits, and committed to a speculative home, the builder has already invested capital and assumed risk. For the 256,000 homes under construction, those commitments are substantially further along.Many of those homes are approaching the point where a reliable sequence of f...