What goes up must come down. And hopefully stays down! Bloomberg reports that lumber futures on the Chicago Mercantile Exchange were headed for their seventh-straight decline on Tuesday…
“Lumber futures tumbled by the exchange limit to $1,053.70 per 1,000 board feet…That’s the longest slump since July. The pullback in the futures market may signal that soaring costs and transport bottlenecks will crimp demand.”
An index of framing composite has more than tripled since late August. This has added over $20,000 to the price of an average new home.