According to the latest National Association of Home Builders/Wells Fargo Housing Opportunity Index, just 42% of new and existing homes sold in Q3 were affordable to families earning the US median income of $90,000.
Wood Markets News
University of Michigan Preliminary Consumer Sentiment Index for November Declines
The University of Michigan released the preliminary results of its Consumer Sentiment Index (CSI) for November. The Index of Consumer Sentiment dropped to a reading of 54.7, down from 59.9 in October. This is a month-over-month decline of 8.7%.
Black Hills Timber Industry Wins Appeal to US Forest Service for GTR Review
The Black Hills local timber industry received some welcome news last week when a formal review of the findings from a critical general technical report (GTR) found flaws in the methodology used to determine its conclusion.
Chicago Entrepreneur Hopes to Breathe Life Back into a Former Bingham, Maine, Sawmill
A Chicago-based entrepreneur with years of experience in the forest products industry in North America has an ambitious plan to turn a former sawmill in Bingham, Maine, into a plywood factory that could employ 100 people when at full production capacity.
Estonia’s Chances of Amending EU’s Land Use and Forestry Regulation are Limited
Estonia’s chances of amending the EU’s LULUCF Regulation on climate targets does not look favorable. Nevertheless, Estonia’s Minister of the Environment, is still attempting to secure greater flexibility and disaster-related compensation mechanisms.
Consumer Price Index Increases 0.4% in October; All-Item Index Up 7.7% Year-Over-Year
The US Bureau of Labor Statistics on Thursday reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4% in October on a seasonally adjusted basis—the exact same size increase as was reported in September.
30-Year Fixed Mortgage Climbs Back Above 7%
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending November 10th. The PMMS reports that the 30-year fixed-rate mortgage averaged 7.08% with an average 0.9 point, up from last week when it averaged 6.95%.
US Weekly Jobless Claims Increase in the Week Ending November 5th
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 225,000 during the week ending on Saturday, November 5th. This is an increase of 7,000 from the previous week’s revised level.
New Employment Opportunities to Support Rural BC Forestry Workers
The BC Government announced on Monday that more employment opportunities are in progress for contractors and forestry workers throughout rural BC under the province’s Forest Employment Program (FEP). It will be funded through the province’s $185 million support package to help British Columbians impacted by old growth deferrals.
Georgia Voters Approve Ballot Measure Exempting Forestry Equipment From Property Tax
According to the New York Times, Georgia voters on Tuesday approved by a margin of 59% to 41%, “Referendum A” which beginning January 1st, 2023, will provide an annual ad valorem (property) tax exemption for equipment use for managing, harvesting, and replanting forests.