According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending October 14, 2022, the Market Composite Index (a measure of mortgage loan application volume) decreased 4.5% on a seasonally adjusted basis from one week earlier.
Wood Markets News
Canfor Pulp Products Announces Temporary Curtailment at Its Intercontinental Pulp Mill
Canfor Pulp Products Inc. announced on Monday a temporary curtailment of its Intercontinental Pulp Mill facility due to the lack of available economic fiber in British Columbia. Regular operations are expected to resume on Monday, October 24th.
Builder Sentiment Sinks Lower for the Tenth Consecutive Month in October
On Tuesday, the National Association of Home Builders/Wells Fargo Housing Market Index reported that builder sentiment in the market for newly built single-family homes tumbled 8-points lower in October to a reading of 38—half the level it was just six months ago. This marks the tenth consecutive decline.
Wildfire Burning East of Vancouver, Washington, Doubles in Size; Evacuations Ordered
The Nakia Creek Fire, which started on Sunday, October 9th, is expanding east of Vancouver, Washington. The complex doubled in size on Sunday, October 16th, which prompted authorities to order evacuations. About 400 acres have burned thus far.
Sierra Forest Products Completes Acquisition of Weber Plywood & Lumber Company
Sierra Forest Products Inc., part of the UCS Forest Group of Companies, announced on Monday that it has completed the acquisition of Weber Plywood & Lumber Company, located in Tustin, California.
President Proclaims October 16–22 as National Forest Products Week
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.
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.