According to the Mortgage Bankers Association, mortgage loan application volume decreased 1.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1.5%.
Wood Markets News
British Columbia Government is Expanding Mass Timber Skills Training
BC announced $3.3 million (CAD) in funding for a new mass timber training hub located at the British Columbia Institute of Technology (BCIT). The new funding is part of the StrongerBC: Future Ready Action Plan.
J.D. Irving Completes Major Upgrades to Truro Sawmill in Valley, Nova Scotia
J.D. Irving reported that its Truro Sawmill located in Valley, Nova Scotia, had recently completed a major upgrade which will greatly improve the mill’s operations and productivity. The project encompassed improvements to nearly every area of the mill.
US Forest Service Report Highlights Threats to Forest and Rangeland Health Over the Next 50 Years
The US Department of Agriculture’s Forest Service published on Monday a report that provides a snapshot of current US forest and rangeland conditions and projects conditions 50 years into the future.
FHFA House Price Index Increased Month-Over-Month and Year-Over-Year in May
The Federal Housing Finance Agency reported Tuesday its House Price Index (HPI®) for May rose 0.7%, seasonally adjusted, between April and May. Year-over-year, house prices rose 2.8%.
S&P CoreLogic Case-Shiller US National Home Price Index Increased Month-Over-Month in May
The S&P CoreLogic Case-Shiller US National Home Price NSA Index for May shows all 20 major metro markets reported month-over-month price increases—the third consecutive month of growth.
The Conference Board’s Consumer Confidence Index Climbs Higher in July
The Conference Board released Tuesday its Consumer Confidence Index® (CCI) for July. The CCI increased to a reading of 117.0 in July (1985=100), up from a reading of 110.1 in June.
Mercer International Announces Temporary Curtailment of Its Celgar Pulp Mill in Castlegar, BC
Citing a significant loss of rail transport capacity due to the Vancouver port job action, Mercer announced that it would be temporarily curtailing operations at its Clegar pulp mill located in Castlegar, BC, including wood intake.
Homeowner Remodeling and Repair Expenditures Are Expected to Continue to Decline
According to the Leading Indicators of Remodeling Activity (LIRA) released by the Joint Center for Housing Studies of Harvard University, annual expenditures for improvement and repairs to owner-occupied homes are expected to decline at an accelerating rate through the first half of 2024.
End of Native Timber Harvesting in the State of Victoria, Australia, Forces Local Sawmill to Close
According to reporting by ABC News, one of the businesses that will be impacted by the end of native timber harvesting is Walker’s timber mill, located in Corryong, Victoria. The mill has been in continuous operation for over 58 years.