Redfin is reporting that house hunters are returning to the market as mortgage rates and prices continue to decline. Mortgage-purchase applications increased for the fourth consecutive week, and Redfin’s Homebuyer Demand Index is at its highest level since May 2022.
Wood Markets News
New Zealand’s OneFortyOne Turning Huge Volumes of Unwanted Forestry Slash Into Biofuel
New Zealand forestry and timber company OneFortyOne is tackling the country’s nationwide problem of managing forestry slash waste by turning it into biofuel, according to an article by the company appearing in “Stuff.” The challenge became particularly acute after Cyclone Gabrielle in February.
Personal Income, Disposable Income, and Personal Consumption Expenditures All Up in February
The US Bureau of Economic Analysis reported on Friday that, according to its estimates, personal income (PI) increased 0.3% in February. Disposable personal income (DPI) increased 0.5%, and personal consumption expenditures (PCE) increased 0.2%.
Canadian Real GDP Increased 0.5% in January
Statistics Canada reported Friday that real GDP in Canada rose 0.5% in January, following a slight contraction of 0.1% in December 2022. Goods-producing industries were up 0.4%, while services-producing industries were up 0.6%. In January, 17 of 20 industrial sectors posted increases.
University of Michigan Reports Final Results of Its Consumer Sentiment Index for March
The University of Michigan on Friday released the final results of its Consumer Sentiment Index for March. The Index of Consumer Sentiment declined to a reading of 62.0 in March, down from 67.0 in February. This is a month-over-month decrease of 7.5% but up 4.4% year-over-year.
Forest Stewardship Council Ends Certification in Russia
The Forest Stewardship Council® announced Thursday the withdrawal of the remaining forest management certificates in Russia by the respective certification bodies. The move is a result of the decision by Assurance Services International to terminate its FSC assurance activities in Russia.
Sonae Arauco Investing 100 Million Euros in a New Production Line for Wood Fiber Insulation
On March 22nd, Sonae Arauco announced it is investing more than 100 million euros in its Meppen industrial unit in Emsland, Germany. According to the press release, a new production line for wood fiber insulation materials is to be built there.
Fire Destroys Pierson Lumber Sawmill in Clay County, West Virginia
A fire on Tuesday destroyed the historic Pierson Lumber Sawmill in Clay County, West Virginia, according to local reporting by West Virginia MetroNews. The sawmill, which predominately produced hardwood lumber products, was built in 1943 by the current owner’s grandfather.
Mortgage Rates Decline for Third Consecutive Week
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending March 30th. The 30-year fixed-rate mortgage averaged 6.32%, down from last week when it averaged 6.42%. A year ago at this time, the 30-year rate averaged 4.67%.
FHFA Announces Enhanced Payment Deferral Polices for Borrowers Facing Financial Hardship
The Federal Housing Finance Agency announced on Wednesday that both Fannie Mae and Freddie Mac (“the Enterprises”) will enhance their payment deferral policies to allow borrowers facing financial hardship to defer up to six months of mortgage payments.