Vaagen Fibre Canada’s Midway Mill is back in operation following a four-week planned shutdown, which started on April 4, 2022. Plant Manager Darryl Reekie said the shutdown was a way to conduct a thorough check-up on the health of all machinery and ensure a smooth-running operation for the remainder of the year.
Wood Markets News
U.S. National Interagency Fire Center Wildfire Releases Update for May 5, 2022
In today’s briefing, the NIFC is reporting that 1 new wildfire was burning in Colorado. Nationally, nearly 3,400 wildland firefighters and support personnel are assigned to 10 large fires. The Southwest area continues to have the largest fire activity, where five incident management teams are assigned.
Mortgage Delinquencies Decrease in Q1 of 2022—Seventh Consecutive Quarterly Decline
According to the latest Mortgage Banker Association’s (MBA) National Delinquency Survey (NDS), released today (5-5-22), the delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjust rate of 4.11% of all loans outstanding at the end of Q1 of 2022.
Mortgage Rates Climb Higher in the Week Ending May 5, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending May 5, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.27% with an average 0.9 point, up from last week when it averaged 5.10%. A year ago, at this time, the 30-year FRM averaged 2.96%.
Job Cuts Increased, Hiring Decreased in April 2022
According to the latest Job Cut Report from Challenger, Gray & Christmas (CG&C), Inc, U.S.-based employers announced 24,286 cuts in April 2022. This is a 14% increase from the 21,387 cuts announced in March 2022, and it is up 6% year-over-year from the 22,913 cuts announced in April 2021.
Weekly Jobless Claims Unexpectedly Move Higher in the Week Ending April 30, 2022
The U.S. Department of Labor is reporting that an additional 200,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday, April 30, 2022. This is an increase of 19,000 from the previous week’s revised level. The 4-week moving average was 188,000.
Northern Pulp Mill Closure Continues to Negatively Impact Sawmill Operations in Nova Scotia
Since the closure of Paper Excellence Company’s Northern Pulp Mill in Nova Scotia in January of 2020, local sawmill operators have seen their steady and ample supply of sawlogs continue to erode. Local sawmill and trucking company owners’ operations stories all have a common theme: The loss of the pulp market has made woodlot harvesting less viable.
HS Timber Group Expands Product Portfolio with Acquisition of Finnish Sawmiller Luvian Saha Oy
HS Timber Group, one of Europe’s leading wood processing companies with exports destinations to over 70 countries, announced it is expanding its product portfolio with its acquisition of 100% of the shares in the Finnish sawmill Luvian Saha Oy, whose products are known under the brand name “Luvia Wood.”
Seventy Percent of U.S. Metro Areas Reached Double-Digit Annual Price Gains in Q1 of 2022
According to the latest National Association of Realtors® Quarterly Report, released on Tuesday (5-3-22), Q1 of 2022 saw more markets reach double-digit annual prices gains than in Q4 of 2021. Seventy percent of 185 measured metros experienced such price gains, up from 66% in the previous quarter.
Mortgage Applications Increase in Week Ending April 29, 2022
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending April 29, 2022, the Market Composite Index (a measure of mortgage loan application volume) increased 2.5% on a seasonally adjusted basis from one week earlier.