The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 240,000 during the week ending on Saturday, November 19th. This is an increase of 17,000 from the previous week’s revised level of 223,000 (originally reported as 222,000).
Wood Markets News
University of Michigan Releases Final Consumer Sentiment Index for November
The University of Michigan today released its final results of its Consumer Sentiment Index for November. The Index of Consumer Sentiment declined to a reading of 56.8 in November, down from its reading of 59.9 in October. This is a month-over-month decrease of 5.2% and down 15.7% year-over-year.
US Multifamily For-Rent Housing Starts Climb Higher in Q3
According to US Census Bureau data, with additional analysis provided by the National Association of Home Builders, the number of multifamily, for-rent housing starts remained elevated in Q3 2022. With 141,000 units started in Q3, this was the largest quarter for rental multifamily construction since Q2 of 1986.
Investors’ Interest in US Housing Market Continues to Cool
Redfin reported today that investor home purchases fell 30.2% year-over-year in Q3. According to Redfin, this is the largest decline since the Great Recession, aside from 20Q2 amid the onset of the COVID-19 pandemic. The decline in investor home purchases outpaced the 27.4% drop in overall home purchases nationwide in Q3.
University of Maine Unveils the First 100% Bio-Based 3-D Printed Home
The University of Maine Advanced Structures and Composite Center on Monday unveiled BioHome3D, the first 3D-printed house made entirely with bio-based materials. BioHome3D was developed with funding from the US Department of Energy’s Hub and Spoke program between UMaine and the Oak Ridge National Laboratory.
Mortgage Payments Continued to Rise in October
The Mortgage Bankers Association (MBA) reported on Tuesday that according to its Purchase Applications Payment Index (PAPI), homebuyer affordability continued its downward trend in October, as the national median payment applied for by applicants increased 3.7% to $2,012 from $1941 in September.
Shares of Mortgage Loans in Forbearance Edge Slightly Higher in October
According to the new monthly Mortgage Bankers Association (MBA) Loan Monitoring Survey, the total number of loans now in forbearance increased by 1 basis point, from 0.69% of servicers’ portfolio volume in the prior month to 0.70% as of October 31st. The MBA estimates that 350,000 homeowners are now in forbearance plans.
US Class 1 Freight Railroad Update: Final Two Unions Split on Labor Agreement
The two remaining unions representing US Class 1 Freight Railroad workers have completed their voting on the tentative labor agreement. The results were split, increasing the possibility of a rail strike that could start in early December.
Fannie Mae’s Economic and Strategic Research Group Expects US Economy to Enter and Exit a Modest Recession in 2023
According to the November 2022 commentary released today by Fannie Mae’s Economic and Strategic Research Group, after rebounding at a 2.6% annualized rate in 22Q3 on the strength of net exports, real GDP is project to turn negative again in Q4 as the temporary boost from international trade moderates.
Pending Home Sales Decline in October, While Deal Cancelations and Price Cuts Hit Record Highs
According to Redfin, pending home sales fell the most on record in October and deal cancellations and price cuts hit record highs. Redfin is reporting that pending sales dropped 32.1% year-over-year in October, the largest decline since at least 2013.