Helsinki, Finland, will soon be the home of the Katajanokan Laituri, according to Premier Construction News. The new building will house Stora Enso’s head office, a high-quality Solo Sokos Hotel Pier 4 hotel, as well as open spaces for the city’s residents.
Wood Markets News
Mortgage Applications Increase for Third Consecutive Week
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending March 17th, the Market Composite Index increased 3.0% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 3.0%.
Existing Home Sales Up 14.7% Month-Over-Month but Down 22.6% Year-Over-Year in February
The National Association of Realtors® (NAR) reported that total existing home sales—which are completed transactions for single-family homes, townhomes, condominiums, and co-ops—recorded a 14.5% month-over-month increase in February to a seasonally adjusted rate of 4.58 million homes.
Canadian Consumer Price Index Up 5.2% Year-Over-Year in February
Statistics Canada reported Tuesday that the Canadian Consumer Price Index (CPI) rose 5.2% year-over-year in February, following a 5.9% increase in January. This marks the largest deceleration in the headline CPI since April 2020. The deceleration in February was due to a base-year effect.
Improving Relations Between Australia and China are Helping to Improve Timber Trade
The Global Times, a CCP-affiliated publication, says that relations between Australia and China have started to warm after an abrupt halt to trade due to what the Chinese government saw as hostile policies from the previous Australian government. Timber imports to China from Australia are showing signs of recovery.
US Commercial and Multifamily Mortgage Debt Outstanding Grew 7.7% in 2022Q4
The Mortgage Bankers Association on Tuesday released its latest quarterly Commercial/Multifamily Mortgage Debt Outstanding report. The level of commercial/multifamily mortgage debt outstanding at the end of 2022 was $324 billion, or 7.7%, higher than at the end of 2021.
State Job Openings and Labor Turnover Survey Released for January
On Tuesday, the US Bureau of Labor Statistics released it State Job Openings and Labor Turnover report for January. In January, job openings rates declined in 13 states and the District of Columbia, increased in 3 states, and were little changed in 34 states.
Shares of Mortgage Loans in Forbearance Declined to 0.60% in February
According to the new monthly Mortgage Bankers Association Loan Monitoring Survey, the total number of loans now in forbearance decreased 4 basis points from 0.64% of servicers’ portfolio volume in January to 0.60% as of February 28th.
FEA’s Paul Jannke Expects a Decline in Lumber Consumption in 2023, but Anticipates Prices to Largely Hold
According to reporting by Lancaster Farming, in a webinar presented by Farm Credit East, Paul Jannke, a Principal at FEA, said, “In 2023 we’re looking at a 7% decline lumber consumption in North America, which equates to about 4 billion board feet.”
Historic Memorandum of Understanding Signed Between AV Group NB and Wolastoqey First Nations
AV Group NB and six Wolastoqey First Nations have signed a memorandum of understanding that outlines a path forward towards mutually beneficial forest management and economic development opportunities, Canadian Forest Industries has reported.