The advance figure for seasonally adjusted initial unemployment claims was 218,000, a decrease of 9,000 from the previous week’s revised level.
Wood Markets News
Vancouver, BC, City Council Takes Steps to Remove Barriers to Mass Timber Construction
Vancouver has taken its first steps toward creating a new policy program to “remove barriers to mass timber” and encourage more developers to utilize the building form, Storeys reported.
US Housing Affordability Remains Near Record Low in 2023Q4
In 2023Q4, just 37.7% of all new and existing homes sold were affordable to families earning the US median income of $96,300, NAHB reported.
Limited Housing Availability and Elevated Mortgage Rates Remain a Headwind to Homeownership
The US homeownership rate declined to 65.7%, a result of continuing tight housing supply and elevated mortgage interest rates, according to the Census Bureau and NAHB.
The Osoyoos Indian Band and Mercer Celgar Working Together to Optimize Use of Uneconomical Wood Fiber
The Osoyoos Indian Band and pulp and paper mill Mercer Celgar are collaborating to rethink conventional practices around uneconomical wood fiber, the Times Chronicle reported.
Fannie Mae’s January Home Purchase Sentiment Index Hits Highest Reading Since March 2022
Fannie Mae’s Home Purchase Sentiment Index® rose 3.5 points in January to a reading of 70.7. Year-over-year, the full HPSI is up 9.1 points.
Mortgage Applications Increase in the Week Ending February 2nd
Mortgage loan application volume increased 3.7% on a seasonally adjusted basis from one week earlier, MBA reported.
German Landlords Expect Home Prices to Deteriorate Further in 2024
German real estate company TAG Immobilen told Reuters that it anticipates home prices in Germany could fall as much as 30% below their 2022 peak.
Eastwood Forests Acquires 92,000 Acres of NY Forestland for Its Climate Smart Forestry Fund
Eastwood Forests has acquired approximately 92,200 acres of forestland in New York, the first property for its Climate Smart Forestry Fund.
32% of Single-Family Homes for Sale in 2023Q4 Were New Construction
In Q4, 31.8% of all US single-family homes for sale were new construction, Redfin reported. That is that comparable with 31.9% in 2022Q4, the highest level of any Q4 on record.