According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending February 10th, the Market Composite Index—a measure of mortgage loan application volume—decreased 7.7% on a seasonally adjusted basis from one week earlier.
Wood Markets News
Total Commercial/Multifamily Borrowing and Lending Expected to Drop 15% in 2023
According to an updated baseline forecast released on Monday by the Mortgage Bankers Association, total commercial and multifamily mortgage borrowing and lending is anticipated to decline by 15% to $684 billion in 2023, below the expected 2022 total of $804 billion.
Consumer Price Index Increases 0.5% in January; All-Item Index Up 6.4% Year-Over-Year
The US Bureau of Labor Statistics on Tuesday reported that the Consumer Price Index for All Urban Consumers increased 0.5% in January, on a seasonally adjusted basis, after declining 0.1% in December. Over the past 12 months, the all-item index has increased 6.4% before seasonal adjustment.
Portland, Oregon, Completes Its First Mass Timber Affordable Housing Project
Designed by All Hands Architecture and billed as a “deeply affordable” by its developers, Chiles House in Portland is considered the first completed mass timber affordable housing in Oregon. The building’s 27 units provide transitional housing.
NFIB Small Business Optimism Index Increased 0.5 Points in January
The National Federation of Independent Business reported on Tuesday its Small Business Optimism Index (SBOI) for January. According to the report, the January SBOI increased 0.5 points to a reading of 89.8, marking the thirteenth consecutive month below the 49-year average reading of 98.
Canadian Investment in Building Construction Declined in December and in Q4 Overall
Statistics Canada reported today that investment in building construction decreased 1.3% to $20.2 billion (CAD) in December. On a constant dollar basis (2012-100), investment in building construction decreased 2.0% to $11.6 billion.
Lumin to Invest $136 Million to Build Its Third Industrial Plant in Uruguay
Lumin, a leading timberland and forest products company, announced on Friday that it will be investing approximately $136 million (USD) to build its third industrial plant in Uruguay. The investment is expected to create more than 300 jobs and appreciably increase the country’s sustainable plywood production.
Q4 Survey of Commercial/Multifamily Mortgage Originations Paints Gloomy Picture for Sector
The Mortgage Bankers Association released today its Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. The survey reports that commercial and multifamily mortgage originations were 54% lower in 2022Q4 compared to a year ago and were 23% lower from 2021Q3.
US Construction Worker Shortage to Top Half a Million in 2023
On Thursday, the Associated Builders and Contractors reported that, according to the association’s proprietary model, the construction industry will need to attract an estimated 546,000 workers on top of the normal pace of hiring in 2023 to meet the demand for labor.
Loan Standards Tighten and Loan Demand Declines in Q4
The Federal Reserve Board’s January 2023 Senior Loan Office Opinion Survey reveals that over 2022Q4, banks reported weaker demand for residential real estate (RRE) loans, home equity lines of credit (HELOCs), and commercial real estate (CRE) loans.