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.
Wood Markets News
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.
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.