Futures fell by 41%.
"The rapid decline suggests a bubble that has burst".
Source: Wall Street Journal
Before the fall, lumber prices went from ~$250/1K feet to ~$1,700.
Longhorn Beetle decimated nearly a decade's worth of Canadian Lumber, a major supplier for the US market. 2017-2018 wildfires.
The Mortgage-backed Securities Crash of 2008 led to a 49% decrease in lumber demand and the subsequent closure of 30+ large sawmills.
Stimulus cash, low-interest rates, and the shift to work-at-home caused a surge in home improvement and renovations.
Builders and Supply Depots hoarding wood stock (Source: WSJ)
+$36K on the average single-family home.
+$13K on the average multifamily unit, $119/month in rent.
Source: National Association of Home Builders, the Hustle, NASDAQ
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