Zillow reported that according to its 2023 Consumer Housing Trends Report, first-time buyers now make up 50% of all home buyers, up from 45% in 2022 and 37% in 2021.
Wood Markets News
Victoria, Australia, Announces Expansion of Forestry Worker Support Program
The Victoria, Australia, government announced additional support for timber workers and their communities ahead of a looming industry shutdown, Sky News reported.
Skanska Begins Construction on Cincinnati’s First Mass Timber Building
Skanska and Cincinnati Public Radio announced that they have broken ground on a new mass timber headquarters for CPR.
August Marks Two Milestone Anniversaries in US Mass Timber History
Mass Timber Strategy highlighted two milestone anniversaries in the month of August for mass timber usage in the US.
Tropical Storm Hilary Hinders Union Pacific Railroad in Two of Its California Subdivisions
Union Pacific Railroad has suspended service within its Mojave and Yuma subdivisions due to heavy rains and flooding from Tropical Storm Hilary, FreightWaves reported.
Canada Announces Challenge to US Softwood Lumber Duties
The Canadian trade ministry said in a statement on Monday that Canada has filed notices of intent to commence judicial review of US softwood lumber duties, Reuters reported.
Multifamily Built-For-Rent Housing Starts Remain Elevated in Q2
The count of multifamily, for-rent housing starts remained elevated in 2023Q2, according to the US Census Bureau and National Association of Home Builders.
Ontario’s First Mass Timber, Net-Zero Institutional Building Nears Completion
Ontario’s first mass timber, net-zero carbon emissions institutional building, Limberlost Place, has reached the highest point in construction, according to PLC Construction.
US Existing-Home Sales Decline in July
Existing-home sales (completed transactions) recorded a 2.2% month-over-month decline to a seasonally adjusted rate of 4.07 million homes in July, according to the National Association of Realtors.
Share of Mortgage Loans in Forbearance Declines Further in July
The total number of loans in forbearance as of July 31st decreased 5 basis points to 0.39% of servicers’ portfolio volume, down from 0.44 in June, according to the Mortgage Bankers Association.