According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the ending February 17th, the Market Composite Index—a measure of mortgage loan application volume—decreased 13.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index declined 4.0%.
Wood Markets News
Square Footage of New Single-Family Homes Continues to Shrink
Data from the US Census Bureau, with additional analysis provided by the National Association of Home Builders, reveals that the median single-family square floor area declined significantly to 2,203 square feet—the lowest level since 2011.
Some of New Zealand’s Forestry Sector Will Not Recover From Damage Caused by Cyclone Gabrielle
On February 12th, Cyclone Gabrielle cut a large path of destruction through New Zealand’s Tairāwhiti, Hawkes Bay, Coromandel, and Northland regions. The region is home to almost 30% of the country’s forestry plantations, according to local reporting by “Stuff Limited.”
Canadian Consumer Price Index Increased at a Slower Rate in January
Statistics Canada reported Tuesday that the Canadian Consumer Price Index (CPI) increased 5.9% year-over-year in January, following a 6.3% increase in December. Prices rose 4.9% on a year-over-year basis excluding food and energy.
Mortgage Applications for New Home Purchases Up Month-Over-Month but Down Year-Over-Year in January
The Mortgage Bankers Association is reporting that data from its January 2023 Builder Application Survey (BAS) reveals mortgage applications for new home purchases dropped 3.5% year-over-year. This change does not include any adjustments for typical seasonal patterns.
Existing Home Sales Down Month-Over-Month and Year-Over-Year in January
The National Association of Realtors® reported on Tuesday that total existing home sales recorded a 0.7% decline in January from December to a seasonally adjusted rate at 4.00 million homes. Year-over-year, sales are down 36.9%.
Conifex Timber to Temporarily Curtail Production at Its Mackenzie, BC, Sawmill Due to Rail Service Challenges
Conifex Timber announced on Friday that it will be temporarily curtailing production at its Mackenzie, British Columbia, sawmill for a period of up to two weeks. The company cited unsustainable inventory levels due to rail transportation challenges.
Fire Temporarily Closes Evergreen Forest Products’ New Meadows, Idaho, Sawmill
A fire last Monday in the main sawmill building at Evergreen Forest Products—also known as Tamarack Forest Products—south of New Meadows, Idaho, has forced the mill to temporarily close, according to the Lewiston Tribune.
Townhouse Market Share in 2022Q4 Reaches Highest Since in 1985
According to the US Census Bureau’s most recent Starts and Completions by Purpose and Design data, with additional analysis provided by the National Association of Home Builders, during 2022Q4, single-family attached starts totaled 37,000.
Mortgage Delinquencies Increased in 2022Q4
The Mortgage Bankers Association is reporting that, according to its National Delinquency Survey, the delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 3.96% of all loans outstanding at the end of 2022Q4.