Time To Rebuild The Deck, Or Lumber Prices Decline On Low Demand
If you have projects around the home that need lumber then the new construction slowdown is working in your favor. Lumber manufacturers are facing an inventory glut as the housing slowdown in the United States has significantly reduced the demand for construction lumber.
So it looks like a great time to replace the lumber in our 18 year old deck!
Most analysts do not expect what has been called the worst U.S. housing slump since World War II to bottom out until at least mid-2008. Once a bottom is reached in housing, lumber demand could still remain dull for months.
“You’ve got very weak demand and just a pile of inventory (of homes on the market) to get through before you can get demand for the underlying lumber to pick up down the road,” said Paul Quinn, a paper and forest products analyst at Vancouver-based Salman Partners. “That’s why 2008 is going to be very similar to 2007.”
Lumber prices have eroded this year in tandem with slowing demand from home builders and it is difficult to gauge how far prices will fall with no end in sight for the housing slump. via Reuters.
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Comment by Sam Chapman on 1 December 2007:
Wouldn’t it be nice to see construction costs come down? Lumber, cement, copper and lots of other supplies have shot up over the last few years. I’d hate to see a continued housing slump cause a drop in supply prices, but we’ll take what we can get. By the way, nice photo!
Pingback by Why don’t Loan Officers Blog? | The Ten Day Team on 1 December 2007:
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Comment by Madison Albright on 3 December 2007:
all i can say is at least the hurricane season was somewhat mild compared to the last few years. this directly correlates into consumer savings. now if oil were do drop as well. and steel, and concrete!!
Comment by Utah Homer on 5 December 2007:
What kind of world do we live in these days? That’s a good one….