Why Is Lumber so Expensive? It's a Disaster for the Housing Market
America is in a lumber frenzy, and it's not abating anytime soon. Even though prices fell for six straight days in mid-May, Markets Insider's Will Daniel reported they were still up more than 85% year-to-date and 280% in the last 12 months. The lumber industry is struggling to ramp up supply as exploding demand is clashing with limited production, resulting in high price tags and an overall shortage. The thing is, you need lumber to build new houses, and Americans really want new houses right now. The number of homes for sale has never been this low, and new builds are a way to supply hou...