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Bloomberg s Romaine Bostick takes a look at record prices for lumber and its impact on U.S. housing market.
As the pandemic crushed the US economy last spring, sawmills shut down lumber production to brace for a housing slump. The slump never arrived and now there isn t enough lumber to feed the red-hot housing market.
The shortage is delaying construction of badly needed new homes, complicating renovations of existing ones and causing sticker shock for buyers in what was already a scorching market.
Random-length lumber futures hit a record high of $1,615 on Tuesday, a staggering sevenfold gain from the low in early April 2020. That s a big deal because lumber is the most substantial supply that home builders buy.