The red-hot housing market also saw a record shortage of existing homes available. In April, about 1 in 4 homes for sale were newly built, the highest share ever. Historically new homes make up about 1 in 10.fell 6.9% last weekNow, lumber futures prices are on track for their sixth consecutive weekly loss, wiping out all of their 2021 rally. The price fell another 6% on Wednesday to around $710 per thousand board feet.
"It was a bubble but it is still double where it was pre Covid," said Peter Boockvar, CIO at Bleakley Advisory Group. Still, Boockvar believes just because the lumber bubble might have burst, it doesn't mean the threat of inflation isn't real. The investor pointed to the CRB raw industrials index, which is at a 10-year high right now. The index tracks materials that don't trade on a futures exchange and thus better reflect actual supply and demand and not the behavior of speculators.Sign up for
Someone tell lowes
Housing bubble bursting
Sorta transitory?
BGHenderson08
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