According to the Mortgage Bankers Association’s Market Composite Index, mortgage loan application volume rose 0.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index declined 1.0%.
Wood Markets News
“Stockholm Wood City” to Be World’s Largest Community Built Using Mass Timber
Atrium Ljungberg plans to build the world’s largest wooden city in Stockholm, Sweden, according to a feature by Architectural Digest. Construction is expected to begin in 2025, with the first completed buildings in 2027.
Shares of Mortgage Loans in Forbearance Declined Further in May
According to the Mortgage Bankers Association, the total number of loans now in forbearance decreased 2 basis points from 0.51% of servicers’ portfolio volume in April to 0.49% as of May 31st. The MBA estimates that 245,000 homeowners remain in forbearance plans.
US Housing Starts, Permits, and Completions All Increase Month-Over-Month in May
Privately‐owned housing starts in May were at a seasonally adjusted annual rate of 1,631,000. This is 21.7% above the revised April estimate of 1,340,000 and 5.7% above the May 2022 rate of 1,543,000. Single-family housing starts were at a rate of 997,000; this is 18.5% above the revised April figure of 841,000.
Alberta Wildfires Continue to Negatively Impact Tolko and West Fraser’s Log Harvesting Plans for 2023
Alberta’s South Peace News reported on Sunday that wildfires across northern Alberta have hindered harvesting plans by two forestry companies in the High Prairie region: Tolko and West Fraser.
Garnica to Build New Plywood Factory in Uruguay
Garnica, a leading manufacturer of sustainable plywood made using farm-grown poplar from Spain and France, has announced plans to open a new plant in Uruguay. The Uruguay factory will be the company’s first factory on the American continent.
Mortgage Applications for New Home Purchases Increased Month-Over-Month and Year-Over- Year in May
The Mortgage Bankers Association reported that mortgage applications for new home purchases in May increased 8.0% month-over-month and were up 16.6% year-over-year. This change does not include any adjustments for seasonal patterns.
Roseburg Forest Products Announces Permanent Closure of Its Taylorsville, Mississippi, Particleboard Plant
Roseburg Forest Products announced on Friday that it intends to permanently cease operations at its Taylorsville, Mississippi, particleboard plant on August 21st, 2023.
US Builder Sentiment Up for Sixth Consecutive Month in June
The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) reported that builder sentiment in the market for newly built single-family homes increased 5 points in June to a reading of 55. This marks the sixth consecutive monthly gain.
BC Provincial Government to Support New Mass Timber Production Facility in Williams Lake
The BC Provincial Government will support the establishment of a new mass-timber production facility in the William Lake, BC, community. BC will contribute as much as $10 million (CAD) to Massive Canada to build and start operations.