The University of Michigan Index of Consumer Sentiment declined to a reading of 71.2 in August, down from 71.6 in July. This is a month-over-month decline of 0.6% but up 22.3% year-over-year.
Wood Markets News
US National Interagency Fire Center Wildfire Update for the Week Ending August 11th
As of Friday, August 11th, 88 large wildfires have burned 577,396 acres in a dozen states. Ten large new wildfires were reported on Thursday. More than 11,000 wildland firefighters and support personnel have been deployed.
UK to Continue to Support Biomass Energy Even With Stronger Sustainability Rules
BNN Bloomberg is reporting that the UK government has said it will continue to support biomass energy, though it failed to provide specific details on how it would subsidize the country’s biggest utility using the fuel.
Higher Home Prices and Mortgage Rates Cause Housing Affordability to Shrink in Q2
According to the NAHB/Wells Fargo Housing Opportunity Index, 40.5% of new and existing homes sold in Q2 were affordable to families earning the US median income of $96,300.
Fixed-Rate Mortgages Move Higher for Third Consecutive Week
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.96%, up from last week when it averaged 6.90%. A year ago at this time, the 30-year rate averaged 5.22%.
US Mortgage Delinquencies Decreased in Q2, Mortgage Bankers Association Reports
The delinquency rate for mortgage loans on one-to-four units residential properties decreased to a seasonally adjusted rate of 3.37% of all loans outstanding, according to the Mortgage Bankers Association.
July’s US Median Asking Rent is Just $16 Below All-Time High
Redfin reported that the median US asking rent was $2,038 in July, just $16 below the record high set in August 2022.
Consumer Price Index Increases 0.2% in July; All-Item Index Up 3.2% Year-Over-Year
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% in July on a seasonally adjusted basis. Over the past 12 months, the all-item index has increased 3.2% before seasonal adjustment.
US Weekly Jobless Claims Increase in the Week Ending August 5th
The advance figure for seasonally adjusted initial unemployment claims was 248,000 during the week ending Saturday, August 5th. This is an increase of 21,000 from the previous week’s unrevised level of 227,000.
Total Value of Canadian Building Permits Increases in June
Statistics Canada reported that the total monthly value of building permits in Canada increased 6.1% in June to $11.6 billion (CAD), with a substantial monthly increase of 67.2% in the non-residential institutional component.