Weyerhaeuser announced that it has entered into two distinct agreements with Forest Investment Associates to divest 69,600 acres in South Carolina for $170 million and to purchase 60,700 acres in North Carolina, South Carolina, and Mississippi for $163 million.
Wood Markets News
US International Trade Commission Affirms Determinations in Five-Year Reviews Concerning Certain Softwood Lumber Products From Canada
The US International Trade Commission made an affirmative determination in its five-year (sunset) review process concerning certain softwood lumber products from Canada.
US Pending Homes Sales Declined 1.5% Month-Over-Month and 8.5% Year-Over-Year in October
The National Association of Realtors Pending Homes Sales Index declined 1.5% in October from September to a reading of 71.4. Year-over-year, pending homes sales declined 8.5%.
Mortgage Rates Inch Lower for the Fifth Consecutive Week
The 30-year fixed-rate mortgage averaged 7.22%, down from last week when it averaged 7.29%, Freddie Mac said.
Mortgage Application Payments Push Higher in October
Homebuyer affordability declined in October, according to the Mortgage Bankers Association Purchase Applications Payment Index.
Canadian Real GDP Slips 0.3% in Q3, but Housing Investment Climbs
Canadian real gross domestic product (GDP) in Q3 declined 0.3% from Q2. The drop follows a 0.3% increase in Q2.
Personal Income, Disposable Income, and Personal Consumption Expenditures All Increase in October
Personal income increased 0.2% in October; disposable personal income, personal income less personal current taxes, increased 0.3%; and ersonal consumption expenditures increased 0.2%.
US Weekly Jobless Claims Increase in the Week Ending November 25th
The advance figure for seasonally adjusted initial unemployment claims was 218,000 during the week ending November 25th, an increase of 7,000 from the previous week.
Drax Canada to Curtail its Houston, BC, Pellet Plant Starting December 7th
Houston Today reported that Drax Canada’s Houston, BC, pellet mill will be producing its final batches of pellets for 2023 up until December 7th, after which it will be closed for at least the Christmas period.
Volume of Outstanding Acquisition, Development, and Construction Loans Declined in Q3
The National Association of Home Builders (NAHB) reported that the total outstanding acquisition, development, and construction (AD&C) loan volume declined in Q3.