UPM announced that it was preparing to start change negotiations on possible temporary layoffs at its UPM Pulp, UPM Timber, UPM Communication Papers, and UPM Biofuels businesses in Finland.
Wood Markets News
3D Printing and Mass Timber Join Forces to Create Apartment Building in Germany
Archinect recently profiled PERI 3D Construction, a German company collaborating with COBOD on the “first 3D-printed social housing apartment building in Germany and Europe.”
US Asking Rents Inch Lower for Second Consecutive Month in October
The average US asking rent declined slightly for the second consecutive month in October, slipping $3 to $1,718. Year-over-year, growth moderated at 0.4%, down from 0.8% in September and from 6.5% in December 2022.
Fannie Mae’s Economic and Strategic Research Group Releases Its Economic Commentary for November
Accordinf to Fannie Mae’s Economic and Strategic Research (ESR) Group, economic growth will likely decelerate and ultimately result in a mild recession in 2023, followed by a return to growth in 2025.
US Custom Home Building Declines in Q3
Recently released US Census Bureau data, with additional analysis by the NAHB, reveal a slowing market for custom home building after recent gains in market share.
Mortgage Rates Move Lower for the Fourth Week in a Row
The 30-year fixed-rate mortgage averaged 7.29%, down from last week when it averaged 7.44%, according to Freddie Mac.
Mortgage Applications Climb in the Week Ending November 17th—Third Consecutive Increase
Mortgage loan application volume increased 3.0% on a seasonally adjusted basis from one week earlier, according to the Mortgage Bankers Association.
University of Michigan Reports Final Results of Its Index of Consumer Sentiment for November
The University of Michigan Index of Consumer Sentiment declined to a reading of 61.3 in November, down from 63.8 in October. This is a month-over-month decline of 3.9% but up 8.1% year-over-year.
US Weekly Jobless Claims Drop in the Week Ending November 18th
The advance figure for seasonally adjusted initial unemployment claims was 209,000 during the week ending November 18th, a decrease of 24,000 from the previous week.
US Existing-Home Sales Drop Month-Over-Month and Year-Over-Year in October
Existing-home sales recorded a 4.1% decline in October from September to a seasonally adjusted rate of 3.79 million homes, according to the National Association of Realtors.