Lumber prices have tumbled into building season, a sign that residential construction and home-improvement markets are buckling under high borrowing costs. … “The spring rally never happened,” said Russ Taylor, a Vancouver wood-market consultant. “No one is making much money at these prices.” …Many mills are losing money at today’s prices, executives and traders say. Mills afraid of losing skilled workers are in standoffs with competitors to see who will shut down or cut shifts first. …The British Columbia closure was the latest in the province, where mills contend with some of the continent’s highest-priced logs. But sawmill closures in the U.S. South are unusual. The last time Southern mills were closing to such an extent was in the aftermath of the 2008 housing crash. …Forest-product executives say they expect prices to rebound once more mills close, aligning supply to the meager demand. [to access the full story a WSJ subscription is required]