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Exorbitant lumber, scarce materials hampering U.S. homebuilding

Published by
Reuters

By Lucia Mutikani WASHINGTON (Reuters) – U.S. homebuilding rebounded less than expected in May as very expensive lumber and shortages of other materials continued to constrain builders’ ability to take advantage of an acute shortage of houses on the market. The report from the Commerce Department on Wednesday also showed permits for future home construction falling to a seven-month low. Housing completions also declined while the number of homes authorized for construction but not yet started rose to the highest level since 1999, indicating supply will likely remain tight for a while and boost…

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