Bangor, Maine’s WABI News is reporting that Robbins Lumber Company, a family-owned lumber sawmill company with sawmill facilities located in Searsmont and East Baldwin, is expanding.
Wood Markets News
Mortgage Rates Jump as Potential Debt Ceiling Deal Comes Into Focus
Redfin reported on Thursday that housing payments hit a new high in the week of May 22nd as mortgage rates jumped due to progress on a possible debt ceiling deal.
Oregon Department of Forestry Announces Steep Slope Harvesting Rule Changes and Mandatory Training
The Oregon Department of Forestry issued a bulletin on Friday in regard to the Forest Practice Act (FPA) rule changes that are aimed at providing regulatory certainty and to protect fish and wildlife.
Personal Income, Disposable Income, and Personal Consumption Expenditures All Up in April
Personal income (PI) increased 0.4%, in April; disposable personal income (DPI) increased 0.4%; and personal consumption expenditures (PCE) increased 0.8%.
Apartment Absorption Rate Weakened in 2022Q4
Demand in the multifamily market in 2022Q4 softened as the percentage of apartments absorbed with the first three months of completion fell to 59.0% after six consecutive quarters of being above 60.0%.
University of Michigan Reports Final Results of Its Consumer Sentiment Index for May
The University of Michigan released the final results of its Consumer Sentiment Index for May. The Index of Consumer Sentiment fell to a reading of 59.2 in May, down from a reading of 63.5 in April. This is a month-over-month decline of 6.8%.
US Pending Homes Sales Increase in 3 Out of 4 Regions in April
The National Association of Realtors® reported its Pending Homes Sales Index (PHSI) remained unchanged from March to April, holding steady at a reading of 78.9. Year-over-year, contract signings fell 20.3%.
Mortgage Payments Grow in April, Marking Fourth Consecutive Increase and New Record High
The Mortgage Bankers Association reported that the national median payment applied for by applicants increased 0.9% to $2,112 from $2,093 in March.
Real GDP Increased at an Annual Rate of 1.3% In 2023Q1, BEA Reports in Its “Second” Estimate
The Bureau of Economic Analysis released Thursday its “second” estimate for Q1 real GDP. According to the report, GDP increased at an annual rate of 1.3%. This follows a reported increase of 2.6% in 2022Q4.
Fixed Mortgage Rates Climb Higher in the Week Ending May 25th
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending May 25th. The 30-year fixed-rate mortgage averaged 6.57%, up from last week when it averaged 6.39%.