U.S. timber company Weyerhaeuser reported a 50% drop in second-quarter profit on Thursday, pressured by continued weakness in commodity wood product prices and softer demand across key end markets. Sales of new U.S. single-family homes declined in May by the most in nearly three years, as elevated mortgage rates and growing economic uncertainty cooled housing activity. The inventory of unsold homes rose to its highest level since late 2007, further weighing on wood product demand. The Seattle-based company, which owns or manages roughly 10.5 million acres of timberland in the West, South ...