Freddie Mac has released its Primary Mortgage Market Survey® for the week ending December 8, 2022. The 30-year fixed-rate mortgage averaged 6.33%, down from last week when it averaged 6.49%.
Wood Markets News
US Jobless Claims Increase for the Week Ending December 3rd
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 230,000 during the week ending on Saturday, December 3, 2022. This is an increase of 4,000 from the previous week’s revised level of 226,000 (originally reported as 225,000).
Sumitomo Forestry America Announces Expansion Plans in Archdale, North Carolina
The office of North Carolina Governor Roy Cooper announced on Tuesday that Sumitomo Forestry America plans to invest approximately $19.5 million in a new 120,000 square-foot building in Archdale, NC. The facility will produce building materials used in residential and commercial projects.
Fannie Mae’s Home Purchase Sentiment Index® Posts First Increase in Nine Months in November
Fannie Mae on Wednesday released its Home Purchase Sentiment Index® (HPSI) for November. The HPSI increased 0.6 points to a reading of 57.3—the first increase recorded in the past nine months. Nonetheless, the HPSI remains just above the all-time low that was established last month in October.
Abitibiwinni First Nation Council and GreenFirst Forest Products Sign 5-Year Collaboration Agreement
The Abitibiwinni First Nation Council and GreenFirst Forest Products recently announced the conclusion of a 5-year collaboration agreement aimed at providing for mitigation, accommodation, and compensation measures in relation to the impact that the company’s activities could have on the Abitibiwinni Aki territory and rights.
Mortgage Applications Decline in Week Ending December 2nd
According to the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending December 2nd, the Market Composite Index (a measure of mortgage loan application volume) decreased 1.9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 36.0%.
Canfor Announces Temporary Production Curtailments at All Solid Wood Facilities in BC and Alberta
Canfor on Monday announced that due to very weak market conditions, it will be temporarily reducing production through curtailments at all of its solid wood facilities in British Columbia and Alberta. They will begin December 19th and remove approximately 150 million board feet of production in December and January.
Nonresidential Construction Declines for the Fourth Consecutive Month in October
According to an Associated Builders and Contractors analysis of construction spending data published by the US Census Bureau on Thursday, national nonresidential construction declined by 0.3% in October. On a seasonally adjusted annualized basis, nonresidential spending totaled $898.4 billion.
New Zealand Announces Its Forestry and Wood Processing Industry Transformation Plan
New Zealand’s Forestry Minister Stuart Nash announced on Monday the Forestry and Wood Processing Industry Transformation Plan (ITP). Nash says the ITP will increase wood processing in the country and grow a low-carbon, high value timber industry.
Builders Are Dropping Prices and Offering Incentives, but Not Like They Did During the 2007-2008 Crisis
According to analysis by the National Association of Home Builders (NAHB) of its NAHB/Wells Fargo Housing Market Index (HMI), in November, 36% of single-family home builders reported reducing their prices and 59% were offering special sales inducements. The NAHB says that these are paltry when compared to financial crisis of 2007-2008.