The Bank of Canada reduced its target for the overnight rate to 3.75%, with the Bank Rate at 4.0% and the deposit rate at 3.75%.
Wood Markets News
US Existing-Home Sales Decline 1.0% in September
Total US existing-home sales declined 1.0% in September to a seasonally adjusted annual rate of 3.84 million, NAR reported.
Rayonier Advanced Materials Says Power Has Been Restored at Its Jesup, GA, Facility
Rayonier Advanced Materials announced that power has been fully restored to its Jesup, Georgia, site and that the A Line has restarted operations.
Metsä Group Celebrates the Opening of Its New Bioproducts Mill in Kemi, Finland
The bioproduct mill will produce 1.5 million tons of softwood and birch pulp per year. The pulp will be used to manufacture numerous renewable products.
Mortgage Applications Decline the Week Ending October 18th, The Fourth Consecutive Drop
Mortgage loan application volume decreased 6.7% on a seasonally adjusted basis from one week earlier, MBA reported.
Commercial Real Estate and Multifamily Mortgage Delinquencies Trend Higher in Q3
The delinquency rates for mortgages backed by commercial properties increased slightly during Q3, MBA reported.
Canadian Industrial Product and Raw Materials Price Indices Decline in September
Prices for lumber and other wood products rose 1.2% in September, increasing for the second consecutive month. Higher prices for softwood lumber, up 3.2%, led the gain.
Redfin Reports US Home Prices Increased for Third Consecutive Month in September
Redfin reported that US home prices grew 0.5% month-over-month in September on a seasonally adjusted basis, the fastest pace since April.
Stswecem’c Xget’tem First Nation Signs Forest Management MOU With West Fraser
The Stswecem’c Xget’tem First Nation has signed a MOU with West Fraser to provide a forest management framework, The Williams Lake Tribune reported.
Södra Announces New Initiatives to Strengthen Sweden’s Forest Estates, Including Higher Prices
Södra announced that prices were raised for saw logs and small-diameter sawable ranges on October 21st, and a new tool is being introduced to increase security for forest owners.