According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending December 16th, the Market Composite Index (a measure of mortgage loan application volume) increased 0.9% on a seasonally adjusted basis from one week earlier.
Wood Markets News
Canada’s Consumer Price Index Posts Month-Over-Month and Year-Over-Year Increases in November
Statistics Canada reported today that the Consumer Price Index increased 6.8% year-over-year in November, following a 6.9% increase in October. Excluding food and energy, prices rose 5.4% year-over-year in November, following a gain of 5.3% in October.
The Conference Board’s Consumer Confidence Index Increases in December
The Conference Board released today its Consumer Confidence Index® (CCI) for December 2022. The CCI, following back-to-back monthly declines, rose precipitously. The Index now stands at 108.3 (1985=100), up from November’s reading of 101.4.
US Owner and Rental Vacancy Rates Reach Lowest Levels in Decades
According to the National Association of Home Builder’s analysis of the 2021 American Community Survey, the owner vacancy rate fell below 0.9% and rental vacancy rates reached a new low of 5.2%. These are the lowest levels recorded by the ACS since the survey started generating this data in 2005.
Existing Home Sales Down Month-Over-Month and Year-Over-Year in November
The National Association of Realtors® reported on Wednesday that total existing home sales—completed transactions for single-family homes, townhomes, condominiums, and co-ops—recorded a 7.7% decline in November to a seasonally adjusted rate at 4.09 million homes.
Housing Starts and Permits Decline, While Completions Push Higher in November
The US Census Bureau reported on Tuesday that privately‐owned housing starts in November were at a seasonally adjusted annual rate of 1,427,000; this is 0.5% below the revised October estimate of 1,434,000 and is 16.4% below the November 2021 rate of 1706,000.
Canfor Pulp Products Announces Curtailment of Its Intercontinental Pulp Mill in Prince George, BC
Canfor Pulp Products Inc. announced on Monday (12-19-22) the immediate curtailment of its Intercontinental Pulp Mill, located in Prince George, British Columbia, Canada. The curtailment is expected to last for four weeks. According to the company, the curtailment is due to the lack of available economic fiber.
Fannie Mae Economic and Strategic Research Group Does Not See a Meaningful Recovery in the Mortgage and Housing Markets Until 2024
According to the ESR Group, following an upward revision in 2022Q3 real GDP and stronger-than-expected incoming personal consumption data to begin Q4, the economy is now expected to ‘eke out’ positive growth of 0.4% in 2022 before entering a modest recession in the new year.
BC First Nations to Play Vital Role in Forest Industry’s Success
The BC forestry industry employs more than 43,000 people and makes up 29% of the province’s total commodity export value. Overall, the sector generates over $13 billion (CAD) in GDP annually. The importance of the BC forestry industry is crucial for the long-term sustainability and livelihood of many residents.
New Home Mortgage Applications Increase Modestly Month-Over-Month but Declined Year-Over-Year in November
The Mortgage Bankers Association reported on Tuesday that data from their Builder Application Survey for November revealed that mortgage applications for new home purchases increased 1% month-over-month but were down 25.2% year-over-year.