Redfin reported today that the median US asking rent rose 9% year-over-year in September to $2,002 per month, the slowest growth since August 2021 and the first single-digit increase in a year. September was the fourth consecutive month in which annual rent growth decelerated.
Wood Markets News
Mortgage Rates Climb Higher in the Week Ending October 13th
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending October 13th. The PMMS reports that the 30-year fixed-rate mortgage averaged 6.92% with an average 0.8 point, up from last week when it averaged 6.66%.
US Weekly Jobless Claims Increase for the Week Ending October 8th
The US Department of Labor is reporting that, seasonally adjusted, an additional 228,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, October 8th. This is an increase of 9,000 from the previous week’s unrevised level of 219,000.
Paper Excellence Announces Indefinite Curtailment of Production at Its Catalyst Crofton, BC, Paper Plant
Citing weakening paper markets in China as well as substantial increases in price for chemicals, energy, and wood fiber used at its Catalyst Crofton, BC, facility, Paper Excellence announced the indefinite curtailment of its paper operations at the site effective in early December 2022.
Fannie Mae’s Economic and Strategic Research Group Releases Its Economic Commentary for October
Fannie Mae’s Economic and Strategic Research (ESR) Group today released its October 2022 commentary. According to the ESR, the combination of high inflation, monetary policy tightening, and a slowing in the housing market is still projected to tip the economy into a modest recession in 2023Q1.
Associate Builder and Contractors Backlog Indicator Increases to 9 Months in September
The Associated Builder and Contractors reported on Tuesday that its Construction Backlog Indicator increased to 9.0 months in September. This figure is based on a survey conducted between September 20th and October 5th. Year-over-year the reading is 1.4 months higher than in September 2021.
Producer Price Index for Final Demand Up 0.4% in September
The Bureau of Labor Statistics reported today that the Producer Price Index (PPI) for final demand, seasonally adjusted, increased 0.4% in September. On an unadjusted basis, final demand prices advanced 8.5% for the 12 months ending in September.
Mortgage Applications Decline in the Week Ending October 7th, Marking Third Consecutive Drop
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending October 7, the Market Composite Index (a measure of mortgage loan application volume) decreased 2.0% on a seasonally adjusted basis from one week earlier.
Conifex Timber Announces 2-Week Temporary Curtailment at Its Mackenzie, BC, Operation
Citing declining lumber prices and a worldwide softening in demand, Conifex Timber Inc. announced on Friday afternoon that it would be temporarily curtailing production at its Mackenzie, BC, sawmill operation for two weeks, starting on Tuesday, October 11th.
Nationwide Rail Strike Again a Possibility, as Third-Largest Railway Union Rejects Tentative Agreement
The third-largest freight railway workers union, the Brotherhood of Maintenance of Way Employees Division (BMWED) of the Teamsters union, reported on Monday that 56% of its more than 11,000 workers had voted against accepting the US Class 1 freight railroads’ tentative agreement offer.