On Tuesday, the Mortgage Bankers Association (MBA) reported the findings of its Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. According to the survey, commercial and multifamily mortgage loan originations declined 13% year-over-year in 2022 Q3.
Wood Markets News
NFIB’s Small Business Optimism Index Declines in October
The National Federation of Independent Business, one of the largest small business associations in the US, reported today their NFIB Small Business Optimism Index (SBOI) for October 2022. According to the report, the October SBOI declined 0.8 points to a reading of 91.3.
GreenFirst Forest Products Subsidiary Sells 203,000 Acres of Private Forestland to Perimeter Forest
GreenFirst Forest Products announced on Monday that its subsidiary, GreenFirst Forest Products (QC) Inc, has entered into an agreement to sell its interest in approximately 203,000 acres of private forest land to Perimeter Forest Limited Partnership for a cash consideration totaling $49.25 million (CAD).
US Railroad Union Strike Possible as Early as November 19th
On Saturday, members of the International Association of Machinists and Aerospace Workers (IAM) District 19 narrowly approved the ratification of a labor agreement with US Class 1 railroads. According to the IAM, 52% of its membership voted in favor of accepting the agreement.
Fannie Mae Home Purchase Sentiment Index for October at Lowest Level Since 2011
Fannie Mae today released its Home Purchase Sentiment Index® for October. The HPSI dropped 4.1 points to a reading of 56.7, its eighth consecutive monthly decline. This marks the lowest level since 2011 and well below the all-time high that was set in 2019.
Adaptive Reuse Apartments Gaining Momentum in America’s Largest Cities
According to Rentcafe.com, in the last two years apartment conversions have jumped by 25%, compared to the two years prior. This increasingly popular real estate niche has brought a total of 28,000 new rentals in 2020–21, which is well above the pre-pandemic years of 2018–19, when 22,300 were brought back to life through adaptive reuse.
US National Interagency Fire Center Wildfire Update for the Week Ending November 4th
The US National Interagency Fire Center (NIFC) reported that fifteen large new wildfires were reported during the week ending last Friday, and wildland firefighters have been able to contain most of them. Currently there are two large wildfires that have burned more than 127,000 acres in Oregon and Tennessee.
LP Announces SmartSide Expansion Project at Its Houlton, Maine, Facility
Louisiana-Pacific (LP) announced expansion projects at its Houlton, Maine, facility. LP will be adding a second SmartSide line that will give the facility an additional 340 million square feet of siding production capacity per year. The project will add a new forming line and press to the facility.
Ireland Unveils New €1.3 Billion Forestry Program
Ireland unveiled a new forestry program worth €1.3 billion. The fund will see payments to farmers for planting trees rise between 46% and 66%, and payments will continue for 20 years rather than the current 15 years.
Lack of Foreign Inputs Puts Argentina’s Timber Industry at Risk of Closure
Restrictions imposed on purchases made abroad by Argentine President Albert Fernández’s administration, in order to preserve the Central Bank’s reserves in foreign currency, has the Argentine Chamber of the Wood Industry warning that local producers may soon be forced to halt all activity due to the lack of imported inputs.