Wood-pricing service Random Lengths said that its framing-lumber composite index dropped in the last week of 2022 to $380, down more than 70% from early March and the lowest since May 2020. Benchmark wood-panel prices are down more than 80% from their peak earlier this year and lumber futures have fallen back to about where they traded before Americans emerged from lockdown on a building binge. Higher interest rates are mostly to blame. Rising borrowing costs snuffed out the rally in home-construction and now imperil the remodeling boom, giving lumber yards little ...
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