The Mortgage Bankers Association reported on Thursday that according to its Purchase Applications Payment Index, homebuyer affordability improved in December. The national median payment applied for by applicants dropped 2.9% to $1,920 from $1,977 in November.
Wood Markets News
University of Michigan Reports Final Results of Its Consumer Sentiment Index for January
The University of Michigan on Friday released the final results of its Consumer Sentiment Index (CSI) for January. The Index of Consumer Sentiment rose to a reading of 64.9 in January, up from its reading of 59.7 in December. This is a month-over-month increase of 8.7%.
Personal and Disposable Income Up, but Personal Consumption Expenditures Down in December
The US Bureau of Economic Analysis reported on Friday that according to their estimates, personal income (PI) increased $49.5 billion, or 0.2%, in December. Disposable personal income (DPI) increased $49.2 billion, or 0.3%, and personal consumption expenditures (PCE) decreased $41.6 billion, or 0.2%.
Western Forest Products Says it Will Not Restart Alberni-Pacific Division in BC
Western Forest Products announced that it will not restart its Alberni-Pacific Division facility in its current configuration. The company has established a multi-party working group to explore potential viable industrial manufacturing solutions for the facility, which has been curtailed since fall 2022.
Canfor Announces Restructuring of Its BC Lumber Operations to Better Align With Long-Term Timber Supply
Canfor announced on Wednesday that it is restructuring its BC operations to better align manufacturing capacity in the province with available long-term timber fiber supply. As a result, Canfor said it was permanently closing its Chetwynd sawmill and pellet plant.
Real GDP in 2022Q4 Increased at an Annual Rate of 2.9%, BEA Reports in Its “Advance” Estimate
The Bureau of Economic Analysis (BEA) released today its “advance” estimate for real gross domestic product (GDP) in 2022Q4. According to the report, GDP increased at an annual rate of 2.9%. This follows a reported real GDP increase of 3.2% in 2022Q3.
New US Residential Home Sales Increase Month-Over-Month in December
On Thursday (1-26-23), the US Census Bureau and the Department of Housing and Urban Development jointly announced that new residential single-family home sales for December were at a SAAR of 616,000, according to estimates. This is 2.3% above the revised November rate of 602,000.
Auburn University Research Team Studies Role of Climate-Smart Forestry in Southeast US
A team of Auburn University researchers has published the first study to define, outline, and apply novel climate-smart forestry (CSF) principles to North America, specifically the southern US. The study, recently published in the journal Forests, sought to define CFS within the southeast US.
Fixed Mortgage Rates Move Lower for Third Consecutive Week
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending January 26, 2023. The 30-year fixed-rate mortgage averaged 6.13%, down from last week when it averaged 6.15%. A year ago at this time, the 30-year rate averaged 3.55%.
US Weekly Jobless Claims Decrease for the Week Ending January 21st
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 186,000 during the week ending on Saturday, January 21, 2023. This is a decrease of 6,000 from the previous week’s revised level of 192,000.