Mortgage applications for new-home purchases increased 0.3% in February, MBA reported. Year-over-year, mortgage applications decreased 6.9%.
Wood Markets News
US Weekly Initial Jobless Claims Decline in the Week Ending March 8
The advance figure for seasonally adjusted initial unemployment claims was 220,000, a decrease of 2,000 from the previous week’s revised total.
Bank of Canada Reduces Its Target Overnight Interest Rate Amid Uncertainty of US Tariffs
The Bank of Canada reduced its target for the overnight rate by 0.25% to 2.75%, with the Bank Rate at 3.00% and the deposit rate at 2.70%.
Okanagan Indian Band a Major Participant in BC Wildfire Salvage Agreement
The OKIB received $89,795 for a fiber recovery project that supported the removal of burned fiber from the first approved Wildfire Salvage Opportunity Agreement in BC, Parksville Qualicum Beach News reported.
US Consumer Price Index Rises 2.8% Year-Over-Year in February
The Consumer Price Index for All Urban Consumers increased 0.2% on a seasonally adjusted basis in February. Over the past 12 months, the all-items index increased 2.8% before seasonal adjustment.
US Mortgage Applications Increase in the Week Ending March 7
Mortgage loan application volume increased 11.2% on a seasonally adjusted basis from one week earlier, MBA reported.
Buse Mill Company to Restart Its Everett, WA, Sawmill
Elk Creek Forest Products has been named the exclusive sales agent for Buse Mill Company, which is reopening under its new name following its transition from Buse Timber & Sales in 2024.
Stein Lumber Acquires Teal-Jones Remanufacturing Plant in Salmon Arm, BC
Stein Lumber announced that is has acquired the Teal-Jones lumber remanufacturing plant in Salmon Arm, British Columbia.
Rayonier to Sell Its New Zealand Joint Venture Interest to The Rohatyn Group for $710 Million
Rayonier will sell the entities that hold its entire 77% interest in the New Zealand joint venture to an investment fund managed by The Rohatyn Group for $710 million.
US Residential Construction Job Openings Rise in January
The number of open residential construction sector jobs increased from a revised 205,000 in December to 236,000 in January, the BLS and NAHB reported.