According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending October 21, 2022, the Market Composite Index (a measure of mortgage loan application volume) decreased 1.7% on a seasonally adjusted basis from one week earlier.
Wood Markets News
Gorman Bros. Lumber Reduces Workforce at Its West Kelowna, BC, Sawmill
On Monday, Gorman Bros. Lumber Ltd. announced it was making a small reduction to its workforce at its West Kelowna, BC, sawmill facility. The layoffs are a result of industry-wide challenges in sourcing timber supplies, the company says.
Carlyle to Acquire Majority Stake in Grupo Garnica Plywood S.A.
Carlyle, a global investment firm, announced that it has agreed to acquire a majority stake in Grupo Garnica Plywood S.A., a leading global manufacturer of premium plywood. Carlyle’s is purchasing shares from ICG, a global alternative asset manager.
FHFA US House Price Index Declined Month-Over-Month but Remained Higher Year-Over-Year in August
According to the latest Federal Housing Finance Agency (FHFA) House Price Index (HPI®) released today, US home prices declined 0.7% in August from July. However, Year-over-year, house prices rose 11.9%.
After Two Consecutive Monthly Gains, The Conference Board’s Consumer Confidence Index Slips in October
The Conference Board released today (10-25-22) its Consumer Confidence Index® (CCI) for October 2022. The CCI has declined after 2 consecutive months of growth. The Index now stands at 102.5 (1985=100).
S&P CoreLogic Case-Shiller US Home Price Index Declined Further in August
On Tuesday, the S&P CoreLogic Case-Shiller National Home Price NSA Index was released for August. Home prices experienced a 13.0% annual gain in August, down from July’s 15.8% annual gain. This is the fifth consecutive monthly decline.
US National Interagency Fire Center Wildfire Update for October 24th: 8 of 32 Partially Contained
The US National Interagency Fire Center reported on Monday that the total number of large wildfires and complexes currently burning in the US has been reduced to 32 from last week’s report of 72. More than 463,512 acres are currently burning across 8 different states.
BlueSource Sustainable Forest Co. Buys 29,019 Acres of Forestland in Michigan
Bluesource Sustainable Forest Co. announced today that it has purchased 29,019 acres of forestland in Michigan from The Lyme Timber Company. The land will be part of 90+ North American forest carbon projects covering over 4-million acres.
Potential Agreement Reached to End Seven-Week Weyerhaeuser Strike in Oregon and Washington
Springfield Oregon Television reported on Friday that progress toward ending a strike between Weyerhaeuser workers and the company, in Oregon and Washington State, might be nearing an end after a federal mediator was brought in.
US Commerce Department Corrects Softwood Lumber Subsidies for Non-Selected Canadian Companies
On October 11, 2022, the US Department of Commerce published a notice in the Federal Register, in which the department amended its notice of final results for the 2020 administrative review of the countervailing duty (CVD) order on certain softwood lumber products from Canada.