Mortgage loan application volume increased 3.7% on a seasonally adjusted basis from one week earlier, MBA reported.
Wood Markets News
Mortgage Bankers Association Expects Commercial/Multifamily Borrowing and Lending to Increase in 2024
The Mortgage Bankers Association expects total commercial/multifamily borrowing and lending to rise to $576 billion in 2024, a 29% increase from 2023.
US Population Growth Returns to Pre-Pandemic Rate
The US resident population grew by 1.63 million in 2023 to total population of 334.91 million, the Census Bureau and NAHB reported.
Redfin Home Price Index Climbs 0.4% Month-Over-Month in December
The Redfin Home Price Index climbed 0.4% month-over-month in December—the smallest increase since June 2023. Year-over-year, prices increased 6.6%.
State-Level Analysis of US Construction Sector Employment in December
Across the 48 states reporting construction sector jobs data (both residential and nonresidential construction), 32 states saw month-over-month gains, BLS and NAHB reported.
Share of US Mortgage Loans in Forbearance Declines Further in December
The total number of loans in forbearance as of December 31st, 2023, decreased 3 basis points to 0.23% of servicers’ portfolio volume, MBA reported.
Canadian New Housing Price Index Down 0.9% Year-Over-Year in December
StatCan’s New Housing Price Index (NHPI) was unchanged month-over-month in December, but prices were 0.9% lower year-over-year.
West Fraser Timber Announces Permanent Closure of Fraser Lake, BC, Sawmill
Citing its inability to access economically viable fiber in the region, West Fraser Timber announced it will permanently close its Fraser Lake, BC, sawmill after an orderly wind-down.
US Homeowner Renovation and Maintenance Expenditures Expected to Weaken Through Q3
The Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University has released its quarterly Leading Indicator of Remodeling Activity (LIRA).
Södra Announces Price Increases for Timber
Södra has announced that it has implemented a timber price increase, effective January 18th. The change applies to normal logs and small sawn assortments of spruce and pine.