A fire on Tuesday destroyed the historic Pierson Lumber Sawmill in Clay County, West Virginia, according to local reporting by West Virginia MetroNews. The sawmill, which predominately produced hardwood lumber products, was built in 1943 by the current owner’s grandfather.
Wood Markets News
Mortgage Rates Decline for Third Consecutive Week
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending March 30th. The 30-year fixed-rate mortgage averaged 6.32%, down from last week when it averaged 6.42%. A year ago at this time, the 30-year rate averaged 4.67%.
FHFA Announces Enhanced Payment Deferral Polices for Borrowers Facing Financial Hardship
The Federal Housing Finance Agency announced on Wednesday that both Fannie Mae and Freddie Mac (“the Enterprises”) will enhance their payment deferral policies to allow borrowers facing financial hardship to defer up to six months of mortgage payments.
US Weekly Jobless Claims Increase for the Week Ending March 25th
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 198,000 during the week ending on March 25th. This is an increase of 7,000 from the previous week’s unrevised level of 191,000.
Real GDP in 2022Q4 Increased at an Annual Rate of 2.6%, BEA Reports in Its “Third” Estimate
The Bureau of Economic Analysis released Thursday its “Third” estimate for 2022Q4 real GDP. According to the report, real GDP increased at an annual rate of 2.6% in Q4. This follows a reported real GDP increase of 3.2% in Q3. In the “second” estimate, the increase was 2.7%.
Pending Homes Sales Increase for Third Consecutive Month in February
On Wednesday, the National Association of Realtors® reported its Pending Homes Sales Index improved 0.8% month-over-month in February to a reading of 83.2. However, contract signing declined 21.1% year-over-year. The Index has now increased for three consecutive months.
Washington State DNR Announces Plans for Prescribed Burns on More Than 2,100 Acres This Spring
The Washington Department of Natural Resources (DNR) plans to burn more than 2,100 acres this spring in an aim to prevent more severe wildfires this summer, according to The Seattle Times. In 2021, state lawmakers earmarked $500 million for wildfire prevention and forest health.
Western Washington University to Begin Construction on Region’s First Carbon Net-Neutral Collegiate Facility
Western Washington University will break ground in May on the region’s first carbon net-neutral collegiate facility, according to a report by 425Business magazine. When completed, Kaiser Borsari Hall will be four stories tall and 54,000 square feet.
Mortgage Applications Increase for Fourth Consecutive Week
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending March 24th, the Market Composite Index—a measure of mortgage loan application volume—increased 2.9% on a seasonally adjusted basis from one week earlier.
State-Level Review of Construction Sector Employment in February
A closer look at the Bureau of Labor Statistics nonfarm payroll report for February reveals that across the 48 states which reported construction sector data, 24 states reported an increase in February compared to January, while 19 states lost construction sector employment.