Watch out for falling lumber. The Wall Street Journal reports that prices for the crucial commodity are falling in the height of what should be a robust season.
The slump comes a year after lumber prices reached record levels and were climbing higher amid a resurgent U.S. housing market. In fact, a boom in spending on home renovations and difficulties transporting wood from mills to building sites is expected.
Lumber futures settled lower per 1,000 board feet on the Chicago Mercantile Exchange last week—down nearly half from the high in May 2018.
There has been little reason this spring for prices to bounce back.
Lumber producers are facing reduced residential construction, and signs that remodeling work may slow.
Show Prep Source: https://www.wsj.com/articles/lumber-prices-have-unseasonable-slump-11556798401?mod=hp_lead_pos5
Do you have a news tip for our Show Prep on AsktheContractors.com? Send us a comment on the home page.
Most Recent Show Prep Articles:
- In Hot Market, ‘Full House’ Home in San Francisco Sells for Less Than Asking
- New Buyers Feel They Can Afford More. Here’s Why.
- Good News for Homeowners; Home Prices Rocket in Third Quarter
- COVID-19 Has Impacted Home Purchasing Plans. This is How…
- Couple Rescued After Hurricane Blows Home off it’s Stilts
