Canada is stepping up its efforts to support those Canadians dealing with today’s wildfire issues, as well as preparing for the future.
Wood Markets News
US Housing Market Recovers Recent Losses—Total Value Now at Record High
Redfin reported that the total worth of US homes hit a new record high of $46.8 trillion in June. This overtakes the prior all-time high of $46.6 trillion set a year earlier.
Producer Price Index Edges Higher Month-Over-Month and Year-Over-Year in July
The Producer Price Index (PPI) for final demand, seasonally adjusted, increased 0.3% in July, after remaining unchanged in June and declining 0.3% in May.
University of Michigan Reports Preliminary Results of Its Consumer Sentiment Index for August
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.
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.