Lumber prices plunge 12% to new 2022 lows as wood inventories start to pile up

Lumber prices fell 7% on Wednesday and are down 12% this week as the commodity hits new 2022 lows.The building material has come under pressure as mortgage rates surge and new home sales drop.Lumber inventories are starting to pile up at mills and at home improvement stores. Loading Something is loading. Lumber prices fell 7%…