At a special board meeting on Wednesday, the Oregon Board of Forestry approved more than 100 changes to the Forest Practice Act. The approved changes will impact timber harvesting activities on more than 10 million acres of private and non-federal forests in the state.
Wood Markets News
Real GDP in Q3 Increased at an Annual Rate of 2.6%, BEA Reports in Its “Advance” Estimate
The Bureau of Economic Analysis released today its “advance estimate” for real GDP in 2022Q3. According to the report, GDP increased at an annual rate of 2.6%. This follows a reported decrease in Q2’s GDP annual rate of 0.6% and a 1.6% decline Q1 GDP.
30-Year Mortgage Climbs Above 7% For the First Time in 20 Years
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending October 27th. The PMMS reports that the 30-year fixed-rate mortgage averaged 7.08% with an average 0.8 point, up from last week when it averaged 6.94%. This is the highest level since April 2002.
US Weekly Jobless Claims Increase for the Week Ending October 22nd
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 217,000 during the week ending on Saturday, October 22nd. This is an increase of 3,000 from the previous week’s unrevised level of 214,000.
Mortgage Payments Increase in September After Three Consecutive Months of Declines
The Mortgage Bankers Association (MBA) reported on Thursday that homebuyer affordability decreased by 5.5% in September, after declining the three previous consecutive months. The national median payment applied for by applicants moved from $1,839 in August to $1,941 in September.
New Residential Homes Sales Drop Month-Over-Month and Year-Over-Year in September
On Wednesday, the US Census Bureau and the Department of Housing and Urban Development jointly announced that new residential single-family home sales for September were at a seasonally adjusted annual rate of 603,000, according to estimates. This is 10.9% below the revised August rate.
Timberland Investment Resources Europe Seeks $250 Million for Forestry Funding in the US
Timberland Investment Resources Europe (TIR) has announced that it is seeking to raise US$250 million for a sustainable forestry and natural capital fund which will investment in US assets. The “Sustainable Forestry & Natural Capital Fund” will focus on investment mainly in the southern region of the US.
Home Buyers’ Interest in New Construction Continues to Accelerate in 2022
According to the latest National Association of Home Builders Housing Trend Report the popularity of new homes continues to rebound. After bottoming at 19% in 2022Q1, the share of buyers looking for new home construction rose to 21% in 2022Q2 and climbed to 27% in 2022Q3.
Mortgage Applications Drop for Fifth Consecutive Week in the Week Ending October 21st
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.
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.