On Friday, President Biden proclaimed October 16–22 as National Forest Products week. The President called upon people to join him in recognizing all Americans who are responsible for the stewardship of the nation’s forested landscapes.
Wood Markets News
Mortgage Applications for New Home Purchases Decline Month-Over-Month and Year-Over-Year in September
According to the Mortgage Bankers Association’s Builder Application Survey data for September, mortgage applications for new home purchases declined month-over-month by 7% and by 13.2% when compared to September 2021.
Shares of Mortgage Loans in Forbearance Inch Lower in September, but Near-Term Increase Is Expected
According to the Mortgage Bankers Association’s (MBA) Loan Monitoring Survey (LMS), the total number of loans now in forbearance decreased by 3 basis points from 0.72% of servicers’ portfolio volume in the prior month to 0.69% as of September 30th, 2022.
Building Materials Prices for Residential Construction Move Lower in September
A closer look into the Bureau of Labor Statistics September Producer Price Index (PPI), with a focus on building materials, reveals that the PPI for goods input to residential construction (including energy) declined for the third consecutive month in September by 0.1%. Prices have fallen 2.3% since June.
Single-Family Home Price Increases Slowed in Q3
Fannie Mae reported today (10-17-22) its latest Home Price Index (FNM-HPI) for 2022Q3. Single-family home prices increased at a non-seasonally adjusted rate of 13.8% in Q3—down from the revised Q2 reading of 19.1%. On a quarterly adjusted basis, home prices rose a seasonally adjusted 0.2% in Q3.
Investment in Building Construction in Canada Increased in August
Statistics Canada reported today that investment in building construction increased 0.4% in August to $21.1 billion (CAD). On a constant dollar basis (2012=100), investment in building construction declined 0.2% to $12.7 billion.
Canadian Home Sales Dip Month-Over-Month in September
The Canadian Real Estate Association (CREA) reported on Friday that home sales recorded over the Canadian MLS® System dipped from August to September by 3.9%. CREA notes that from May through August, month-over-month declines have been progressively growing smaller.
US National Interagency Fire Center Wildfire Update for October 17th: 1 of 72 Partially Contained
The US National Interagency Fire Center (NIFC) reported on Monday that the total number of large wildfires and complexes currently burning in the US continues to hold steady at 72, unchanged from last week’s report. More than 776,012 acres are currently burning across 6 different states.
Slowing Growth in Finnish Forests Jeopardizes the Country’s Ability to Meet Its Climate Goals
Researchers predict that the total growth of Finland’s forests will drop well below estimates calculated by the Natural Resource Institute of Finland. They further predict that forests will inevitably remain at a lower level for the next several decades.
Proposed Habitat Conservation Plan Could Negatively Impact Oregon County’s Annual Revenue
Oregon’s Clatsop County Board of Commissioners voted 4 to 1 for a proclamation opposing a conservation plan that would limit logging in state forests. The Oregon Department of Forestry plan would protect species under the Endangered Species Act by creating protected habitat across nearly 640,000 acres.