The Mortgage Bankers Association reported on Thursday that according to its Purchase Applications Payment Index, homebuyer affordability improved for the third consecutive month in August. The national median payment applied for by applicants was down to $1,839 from $1,844 in July.
Wood Markets News
Firewood Shortage in France: Cost of Logs Up 20%, and Pellet Costs Have Tripled
In France, firewood shortages are escalating and so have prices, which are up more than 20% since June. The increase is the result of increasing demand, as more people enter the market amid fears over the price of other fuel sources.
US National Interagency Fire Center Wildfire Update for September 26, 2022
The US National Interagency Fire Center reported on Monday that the total number of large wildfires and complexes currently burning in the US decreased from 95 to 89, with more than 898,732 acres across 7 different states currently burning.
Canfor Announces Taylor Pulp Mill to Be Winterized; Considering a Potential Restart in Spring 2023
Canfor Corp. said it does not expect to consider restarting its Taylor Pulp Mill until next spring. The initial Taylor Pulp Mill curtailment was announced in February 2022, and that was followed by a six-week extension in March.
Norra Skog to Invest SEK 300 Million in Its Kåge, Sweden, Sawmill
Norra Skog’s board of directors announced on Tuesday it was investing SEK 300 million ($27.3 million USD) in its sawmill located in Kåge, Sweden, north of Skellefteå.
Bidding-War Rate Slows in August, Hitting its Lowest Level Since the Pandemic Began
Redfin reported on Thursday that 44.6% of home offers written by Redfin agents nationwide faced competition in August. This is the lowest bidding-war rate since the beginning of the pandemic when the housing market nearly came to a halt.
New York’s First Mass Timber Condominium, the Timber House, Built in Brooklyn’s Park Slope Neighborhood
In Brooklyn’s Park Slope neighborhood, the Timber House is the first mass timber condo building in New York. It includes six stories of post-and-beam construction with exposed glulam columns and beams and CLT floor plates.
Koskisen and Stora Enso Develop Revolutionary Bio-Based Furniture Board
Koskisen is a Finnish wood industry company that produces sawn timber and panel products. Koskisen uses Stora Enso’s bio-based binder, NeoLingo® by Stora Enso, which is replacing fossil-based resins used in furniture boards.
Canadian Unemployment Increases Month-Over-Month in July—Still Holds at Record Low Level
Statistics Canada reported on Thursday that 506,000 Canadians received regular Employment Insurance benefit in Julys. This is an increase of 14,000, or 2.9%, when compared to June. It was also the first increase since January 2022.
Canada’s Growing Population and Decades-Long Shortfall in Home and Apartment Building Continue to Impact Housing Availability
According to the recently released Re/Max Canada 2022 Housing Inventory Report, inventory levels in eight major Canadian housing centers have been dwindling over the past decade. And even with lower levels of real estate activity this year, affordability will be a growing concern along with availability.