According to data from the Mortgage Bankers Association’s Market Composite Index, mortgage loan application volume declined 1.4% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 12.0%.
Wood Markets News
Canadian Building Permits Decline 18.8% Month-Over-Month in April
The total monthly value of building permits in Canada declined 18.8% to $9.6 billion (CAD) in April. This is the lowest level since December 2020. On a constant dollar basis (2012=100), the total value of building permits dropped 18.5%.
Transportation Prices Decline at Fastest Rate Ever Recorded in May
FreightWaves reported on Tuesday that according to data complied in the Logistics Managers’ Index (LMI), supply chain activity slid to an all-time low for the third consecutive month in May.
Canada on Track to Experience Worst-Ever Wildfire Season
According to Reuters, Canadian federal government officials are reporting that wildfires are burning in nearly all Canadian provinces and territories, and that weather modeling shows increasing wildfire risk in most of Canada through August.
US Department of Energy Launches New Initiative to Accelerate the Development of the Next Generation of Biomass Wood Heaters
The US Department of Energy’s Bioenergy Technologies Office announced it has launched a $4 million initiative that aims to accelerate wood heater innovation and support the development of the next generation of efficient and clean wood heaters, according to a report by Biomass Magazine.
Homes Sales Are Down as Market Rates Move Up and Home Prices Remain Elevated
During the 4-week period ending on May 28th, pending home sales fell 17% year-over-year, marking one of the largest declines since the start of the year.
US Home Prices in May Increased at the Slowest Rate Since 2016
According to a review of the Realtor.com® Monthly Housing Trend Report by LBM Journal, home prices increased modestly in May, but price growth slowed to the lowest rate on record since 2016. The median list price grew to $441,000 in May, up from $430,000 in April.
Pretium Partners Inks $1.5 Billion Deal to Purchase Thousands of D.R. Horton Homes
Pretium Partners has completed a transaction with the nation’s largest single-family homebuilder, D.R. Horton Inc., to acquire more than 4,000 homes, largely located in the Southeast and Southwest, for a value of approximately $1.5 billion.
Brazilian Exports of Wood-Based Products Declined Month-Over-Month and Year-Over-Year in April
In April 2023, Brazilian exports of wood-based products (except pulp and paper) declined 29.0% in value compared to April 2022, from US$470.2 million in April 2022 to US$336.1 million in April 2023.
US National Interagency Fire Center Wildfire Update for the Week Ending June 1st
As of Thursday, June 1st, seven large wildfires have burned 66,209 acres in six states. One large new wildfire was reported in New Jersey during the week. Since January 1st, 18,403 wildfires have burned 518,698 acres across the US.