On Tuesday, S&P Dow Jones Indices released its latest S&P CoreLogic Case-Shiller US National Home Price NSA Index. The Index reported that home prices experienced a 3.8% annual gain in January. This is down from a 5.6% annual gain in December.
Wood Markets News
Delays in Implementing New Brunswick’s Higher Timber Royalties Saved Forest Companies Millions
Delays by New Brunswick’s provincial government in setting up higher timber royalties last summer to take advantage of elevated lumber prices helped forest companies avoid millions of dollars in extra charges on wood they were cutting on public land at the time, according to reporting by CBC New Brunswick.
The Conference Board’s Consumer Confidence Index Edged Higher in March
The Conference Board released today its Consumer Confidence Index® (CCI) for March. The CCI rose to 104.2 (1985=100) in March, up from February’s reading of 103.4.
Enviva Suspends Production at Its Amory, Mississippi, Pellet Plant Due to Tornado Damage
Enviva, the world’s leading producer of sustainably sourced woody biomass, reported on Monday that its plant in the Southeast US, located in Amory, Mississippi, sustained damage when a strong tornado touched down in the area last Thursday.
Canfor’s Closure of Prince George Paper & Pulp Mill to Impact Fewer Employees Than Originally Estimated
CKPGToday in Prince George, BC, is reporting that the number of predicted job losses due to Canfor’s announced closure of its Prince George Pulp and Paper mill appear to be far fewer that originally estimated. The number has been adjusted down to 90.
Associated Builders and Contractors’ Backlog Indicator Grew to 9.2 Months in February
Associated Builders and Contractors is reporting that its Construction Backlog Indicator grew to 9.2 months in February. That reading is 1.2 months higher than in February 2022. The Southern region continues to post the highest backlogs of any region.
Americans Continue to Spend More on Rent… More Than They Can Afford
According to the latest Rental Report from Realtor.com, rent was less affordable in February compared to a year ago. Renters earning the typical household income spent 25.3% of their income on rent. February was the seventh consecutive month with a single-digit year-over-year increase.
Canadian Natural Resources Real GDP Declined in 2022Q4
Statistics Canada reported on Thursday that real gross domestic product (GDP) of the natural resources sector declined 1.9% in 2022Q4, after increasing 1.5% in 2022Q3. In contrast, the economy-wide real GDP was unchanged in 2022Q4.
Mortgage Payments Increase for Second Consecutive Month in February
The Mortgage Bankers Association reported on Thursday that according to its Purchase Applications Payment Index (PAPI) homebuyer affordability declined in February, as the national median payment applied for by applicants increased 4.9% to $2,061.
US Homebuyer’s Typical Down Payment Declined 10% Year-Over-Year in January
Redfin reported on Wednesday that the typical US homebuyer’s down payment declined 10% year-over-year in January to $42,375, its lowest level in nearly two years. Redfin notes that median down payment was down 35% from the peak reached in June 2022.