New home prices skyrocket amid lumber shortage
The cost of lumber is skyrocketing, causing new home prices to surge amid the coronavirus pandemic. FOX Business’ Grady Trimble with more.
Former President Donald Trump says the Biden administration is to blame for surging lumber prices that are weighing down the housing market.
Biden’s Depart of the Interior earlier this year moved to block Trump’s decision to roll back habitat protections for the spotted owl which would have opened up millions of acres to the timber industry.
"They don't want to take down any trees, so we end up buying them from other countries," Trump told Newsmax’s Steve Cortes.
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The U.S. imports about $4.5 billion of softwood lumber each year from Canada. The Biden administration last week took steps to double tariffs on those imports despite pleas from homebuilders to remove the 9% tax.
Lumber futures traded at CME Group have surged by as much as 90% this year, hitting a record high of $1,670 earlier in May, due to supply chain bottlenecks and strong demand for building projects amid the pandemic.