Citing soft markets for framing lumber and elevated costs for raw materials, Oregon-based Rosboro Company announced today that it was temporarily reducing production, effective immediately, at its Springfield stud lumber mill.
Wood Markets News
BEA Reports Real GDP in Q2 2022 Decreased at an Annual Rate of 0.6% In Its “Second Estimate”
The Bureau of Economic Analysis released today its “second estimate” for Q2 2022 real GDP. According to the report, GDP decreased at an annual rate of 0.6% in Q2 2022. The decline follows -1.6% in Q1 2022.
Mortgage Payments Declined for Second Consecutive Month in July
The Mortgage Bankers Association reported on Thursday that according to its Purchase Applications Payment Index, homebuyer affordability improved for the second consecutive month in July, with the national median payment applied for by applicants down to $1,844 from $1,893 in June.
Rent Prices Increased for Fifth Consecutive Quarter in Q1 2022
According to data provided by the US Census Bureau’s Survey of Market Absorption of Apartments, the multifamily sector continued to experience growth in Q1 2022. The growth is due to ongoing strong demand and low vacancy rates.
Mortgage Rates Resume Upward Trajectory in the Week Ending August 25, 2022
Freddie Mac has released its Primary Mortgage Market Survey for the week ending August 25, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.55% with an average 0.8 point, up from last week when it averaged 5.13%.
US Weekly Jobless Claims Decreased in the Week Ending August 20, 2022
The US Department of Labor is reporting that, seasonally adjusted, an additional 243,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, August 20, 2022. This is a decrease of 2,000 from the previous week’s revised lower level of 245,000.
Collins Company Completes Acquisition of 58,000 Acres of Forestland From Shasta Forest Timberlands LLC
Collins Company has announced that it recently completed the company’s largest purchase with the acquisition of 58,000 acres of forestland in northeastern California from Shasta Forest Timberlands LLC. and its affiliates. With this acquisition, Collins will manage 188,000 acres in California.
Pending Homes Sales Decline Modestly in July—Down Eight of the Last Nine Months
The National Association of Realtors® reported on Wednesday their Pending Homes Sales Index declined 1.0% in July from June to a reading of 89.8. The PHSI has now declined in eight times in the past nine months. Year-over-year contract signings have declined 19.9%.
Researchers Develop Transparent Coating for Fire-Proofing Wood
Currently, the timbers must be coated with a paint-like, fire-retardant coating. That is changing thanks to the new coating developed by NTU, which allow the timbers to remain exposed, while still providing a flame barrier when ‘activated’ by fire.
Mortgage Applications Sink Lower, Remaining at a 22-Year Low, in the Week Ending August 19, 2022
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending August 19, 2022, the Market Composite Index (a measure of mortgage loan application volume) decreased 1.2% on a seasonally adjusted basis from one week earlier.