According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending November 11th, the Market Composite Index (a measure of mortgage loan application volume) increased 2.7% on a seasonally adjusted basis from one week earlier.
Wood Markets News
Canadian Consumer Price Index Increases 6.9% Year-Over-Year in October
Statistics Canada reported on Wednesday that the Canadian Consumer Price Index rose 6.9% year-over-year in October. The October increase matched the 6.9% increase recorded in September. The October increase was led by faster price growth for gasoline and mortgage interest costs.
Canadian Home Sales Post First Increase Since February in October
The Canadian Real Estate Association reported on Tuesday that home sales recorded over the Canadian MLS® System edged 1.3% higher between September and October 2022. This marks the first monthly increase since February.
Rail Strike Update: International Brotherhood of Boilermakers Rejects Labor Agreement
Members of the International Brotherhood of Boilermakers (IBB) have rejected the labor agreement that was worked out between the railroads and the leadership of 12 different rail workers unions. The IBB represents about 300 rail employees.
Stora Enso and Voodin Blade Technology Announce Partnership to Develop Sustainable Wind Turbine Blades
Stora Enso and Voodin Blade Technology, a German-based startup, announced on Tuesday that they have signed a partnership agreement to develop sustainable wind turbine blades made of wood using Stora Enso’s LVL, a mass timber product.
BC Announces New Rural Economic Diversification Program
The BC Government announced that it is investing as much as $33 million (CAD) in 2022–23 to support projects that promote economic diversification, resilience, clean-growth opportunities, and infrastructure development.
Mortgage Credit Availability Declines for Eighth Consecutive Month in October
According to the Mortgage Bankers Association’s Mortgage Credit Availability Index report, which analyzes data from the ICE Mortgage Technology, Mortgage credit availability declined for the eighth consecutive month in October.
Producer Price Index for Final Demand Up 0.2% in October and 8.0% Year-Over-Year
The Bureau of Labor Statistics reported today) that the Producer Price Index for final demand, seasonally adjusted, increased 0.2% in October. On an unadjusted basis, the index for final demand advanced 8.0% for the 12 months ending in October.
Typical US Home Buyer Earnings to Qualify for a Mortgage at Current Rates up 45.6% Year-Over-Year
Redfin reports that according to their estimates, a homebuyer must earn $107,281 a year in order to be able to afford the typical monthly US mortgage payment of $2,682.00. That number is up 45.6% from a year ago.
Roseburg Forest Products’ California Veneer Plant Resumes Operations After September 2nd Mill Fire
Roseburg Forest Products on Friday (11-11-22) announced that it began full operations of its Weed, California, veneer manufacturing plant on Wednesday, returning 145 team members to full schedules after implementing new safety procedures and keeping city and county leaders informed since the September 2nd mill fire.