Redfin reported that real estate investors purchased 48.6% fewer homes year-over-year in 2023Q1, as elevated interest rates—coupled with declining rents and housing values—removed some profits.
Wood Markets News
Mortgage Rates Jump in the Week Ending June 1st
The 30-year fixed-rate mortgage averaged 6.79%, up from last week when it averaged 6.57%. The 15-year fixed-rate mortgage averaged 6.18%, up from last week when it averaged 5.97%.
ADP® Reports Lower Private Sector Employment Gains and Reduced Compensation Growth in May
According to the ADP® National Employment Report™, nonfarm private sector employment increased by 278,000 jobs in May, and annual pay was up 6.5% year-over-year.
Private Sector Job Cuts Continued to Trend Higher in May
According to the Challenger, Gray & Christmas, Inc. Job Cuts Report, US-based employers announced 80,089 job cuts in May, a 20% increase from the 66,995 job cuts reported in April. Year-over-year, cuts were 287% higher.
US Weekly Jobless Claims Increase in the Week Ending May 27th
The advance figure for seasonally adjusted initial unemployment claims was 232,000 during the week ending on Saturday, May 27th. This is an increase of 2,000 from the previous week’s revised level of 230,000.
Resolute Forest Products Announces Asset Purchase Agreement to Sell Its Thunder Bay, Ontario, Pulp and Paper Mill
Resolute Forest Products has entered into an asset purchase agreement to sell its Thunder Bay, Ontario, pulp and paper mill to an affiliate of Atlas Holdings. The transaction is expected to close during the second half of 2023.
Mercer International Receives Court Sales Order Approval to Acquire the Assets of Structurlam
Mercer International has received applicable Bankruptcy Court approval of a sales order approving the acquisition of substantially all of the assets for Structurlam Mass Timber Corporation and its subsidiaries for $81.1 million.
Mortgage Applications Declined in the Week Ending May 26th—The Third Consecutive Drop
According to the Mortgage Bankers Association’s Market Composite Index, mortgage loan application volume declined 3.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 5.0%.
Construction Labor Market Heats Up in April
A closer look at Wednesday’s Job Openings and Labor Turnover Survey, with additional analysis provided by the NAHB, reveals that the construction labor market experienced an increase in job openings in April.
US House Prices Increased Month-Over-Month in March and During Q1, FHFA Reports
US house prices increased 4.3% between 2022Q1 and 2023Q1. House prices were up 0.5% when compared to 2022Q4. FHFA’s seasonally adjusted monthly index for March was up 0.6% month-over-month.