12/07/2007 9:19 PM ET
CAMDEN, Del. - Americans selling their homes were not the only ones hit hard by the housing crisis. Local lumber yards have also felt the ripple effect. Craig Failing owns a lumber yard called Wyoming Millwork Co. He says prices are at a ten year low.
"We're selling probably the same amount of material, but because we work on a margin basis, we're making less money," he said.
Failing attributes the price drop to an excess of production mills that hopped into the business during the housing boom. But as the market cooled down, so did their prices.
Cheaper lumber has helped home-builder Richard Messick, who works for Madclay Homes.
"We've experienced lumber going down and that's helped our material budgets," Messick said.
As lumber prices are going in reverse, Failing says consumers need to move forward.
"If they're in the business to upgrade their house or get their first house, when they realize they're in that market, as I used to say, it's time to get on the merry-go-round," Failing said.
It is a merry-go-round built with sheetrock and two by fours.