Lumber prices extended their six-day losing streak on Monday after homebuilder sentiment fell for the 12th month in a row. Lumber futures dropped as much as 4% to $370.40 per thousand board feet, representing a fresh low for 2022 and its lowest level since June 2020. The essential building commodity is now down 68% year-to-date and is off 79% from its record high reached in May 2021, when strong demand for homes was compounded by supply chain issues. The weakness in lumber largely stems from this year’s deceleration seen in all facets of the housing market, as soaring mortgage rates helped slow down sales, rein in home price growth, and put a serious dent in homebuilder confidence.