According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending February 3, 2023, the Market Composite Index (a measure of mortgage loan application volume) increased 7.4% on a seasonally adjusted basis from one week earlier.
Wood Markets News
Revolving Debt Slowed in Q4, Federal Reserve Reports
According to the Federal Reserve G.19 Consumer Credit Report released Tuesday, the balance of consumer credit outstanding grew at a seasonally adjusted annual rate (SAAR) of 6.5% in 2022Q4, down from 6.7% in 2022Q3. In December, consumer credit outstanding increased at a SAAR of 2.9%.
US Wood Pellet Exports Increased Month-Over-Month and Year-Over-Year in December
According to data released on Tuesday by United States Department of Agriculture’s Foreign Agricultural Service, the US exported 917,175.4 metric tons of wood pellets in December. This is above November’s shipment of 694,199.7 metric tons, as well as the 798,883.6 metric tons exported in December 2021.
Skeena Sawmills Indefinitely Closes Its Terrace, BC, Sawmill Facility and Pellet Plant Subsidiary
Skeena Sawmills announced on Tuesday that it was closing down its Terrace, British Columbia, sawmill for an undetermined length of time, according to reporting by the Terrance Standard. The company cited high operating costs, lack of a secure fiber supply, and weak markets.
Oregon Department of Forestry Provides $4.4 Million in Grants to Increase Capacity of Tree Nurseries
Recent wildfires, disease, and pests have led to millions of acres of Oregon land being deforested. To help address the issue, the Oregon Legislature provided the Department of Forestry with $4.4 million in grants to help ten tree nurseries increase their ability to produce seedlings.
Finland’s Keitele Group Sees Temporary Slowing in Demand for Lumber and Wood Products
Finland’s Keitele Group is reporting that the “temporary slowing” in the demand for lumber and wood products—which started in June of 2022—continues with no immediate relief in sight. Keitele cites the war in Ukraine, rising interest rates, expensive energy, and the overall global economic situation.
Fannie Mae’s Home Purchasing Sentiment Index Increases for January
Fannie Mae reported Tuesday the results of its latest Home Purchase Sentiment Index® (HPSI). In January, the HPSI increased for the third consecutive month, rising 0.6 points to a reading of 61.6. Three of the indexes’ components posted month-over-month increases.
Chile’s Forest Fire Season Second Worst in Recent History
With hot and dry weather conditions expected to continue through the week, Chilean firefighters are battling out-of-control forest fires. The current forest fires already have the distinction of being the deadliest in the country’s recent history and have the potential of becoming even more deadly, according to a report by Reuters.
Aging US Owner-Occupied Houses Could Propel Repair and Remodeling Demand Ahead of New Construction
According to the latest data provided by the US Census Bureau’s American Community Survey for 2021, with additional analysis provided by the National Association of Home Builders, the median age of owner-occupied homes in the US is 40 years. A little less than half of the owner-occupied homes were built prior to 1980.
Aspen Planer Mill in BC Resumes Operations Processing Cedar Logs, but Cutting Permit Issues Remain Unresolved
Representatives of AP Group, the parent company of the Aspen Planer Mill located in Merrit, BC, told the Merritt Herald on Friday that the mill was restarted on Wednesday, February 1st. The facility has been closed since early December (for an undetermined amount of time) due to a lack of approved cutting permits.