Lumber slumps to seven-month lows as housing market bears brunt of rate hikes

PaulGrecaud/iStock via Getty Images Lumber futures have fallen to levels not seen since November, in a stark reversal from all-time highs set last year during the COVID-fueled homebuilding boom. Chicago lumber futures (LB1:COM) for July delivery fell on Wednesday by the exchange maximum $49, or -7.5% to $604.50 per 1,000 board feet, extending this year’s…