Statistics Canada reported Tuesday that the Canadian Consumer Price Index (CPI) increased 5.9% year-over-year in January, following a 6.3% increase in December. Prices rose 4.9% on a year-over-year basis excluding food and energy.
Wood Markets News
Mortgage Applications for New Home Purchases Up Month-Over-Month but Down Year-Over-Year in January
The Mortgage Bankers Association is reporting that data from its January 2023 Builder Application Survey (BAS) reveals mortgage applications for new home purchases dropped 3.5% year-over-year. This change does not include any adjustments for typical seasonal patterns.
Existing Home Sales Down Month-Over-Month and Year-Over-Year in January
The National Association of Realtors® reported on Tuesday that total existing home sales recorded a 0.7% decline in January from December to a seasonally adjusted rate at 4.00 million homes. Year-over-year, sales are down 36.9%.
Conifex Timber to Temporarily Curtail Production at Its Mackenzie, BC, Sawmill Due to Rail Service Challenges
Conifex Timber announced on Friday that it will be temporarily curtailing production at its Mackenzie, British Columbia, sawmill for a period of up to two weeks. The company cited unsustainable inventory levels due to rail transportation challenges.
Fire Temporarily Closes Evergreen Forest Products’ New Meadows, Idaho, Sawmill
A fire last Monday in the main sawmill building at Evergreen Forest Products—also known as Tamarack Forest Products—south of New Meadows, Idaho, has forced the mill to temporarily close, according to the Lewiston Tribune.
Townhouse Market Share in 2022Q4 Reaches Highest Since in 1985
According to the US Census Bureau’s most recent Starts and Completions by Purpose and Design data, with additional analysis provided by the National Association of Home Builders, during 2022Q4, single-family attached starts totaled 37,000.
Mortgage Delinquencies Increased in 2022Q4
The Mortgage Bankers Association is reporting that, according to its National Delinquency Survey, the delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 3.96% of all loans outstanding at the end of 2022Q4.
Homes Purchased With Cash Declined in December but Remain Near Record Highs
Redfin is reporting that 31.2% of US home purchases in December 2022 were paid for with all cash. That is up from 28.8% a year ago but down from the eight-year high of 31.9% in November 2022.
Sierra Pacific Industries Announces Significant Investment at Its Eugene, Oregon, Manufacturing Facility
Sierra Pacific Industries announced Friday that it plans to make a significant investment at their Eugene, Oregon, manufacturing facility. The company is building a new cutting mill and state-of-the-art stud mill to replace the existing facilities.
Sumitomo Forestry Co. Establishes Joint Venture for Full-Scale Entry Into UK Real Estate Market
Tokyo-based Sumitomo Forestry Co. announced on February 1st that it has jointly established three companies—Bywater SFC Holdings, Bywater SFC Management, and Bywater SFC Investments (collectively Bywater SFC)—with British real estate developer Bywater properties.