The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) reported that builder sentiment in the market for newly built single-family homes tumbled 3-points lower in September to a reading of 46. This marks the ninth consecutive monthly decline.
Wood Markets News
US National Interagency Fire Center Wildfire Update for September 9, 2022: Two New Fires
The US National Interagency Fire Center reported on Monday that the total number of large wildfires and complexes currently burning in the US has grown to 95, with more than 902,574 acres across 9 different states currently burning. Two new fires in Oklahoma were reported within the past 24 hours.
PotlatchDeltic Corporation Completes Merger With CatchMark Timber Trust
PotlatchDeltic Corporation announced on Wednesday that it has successfully completed the previously announced merger with CatchMark Timber Trust Inc. in an all-stock transaction, creating a leading integrated timber REIT.
Canadian Housing Starts Trend Higher in August
The Canadian Mortgage and Housing Corporation announced that the trend in housing starts in August was 267,309 units, up from 264,467 units reported in July. This “trend” measure is a six-month moving average of the monthly seasonally adjusted annual rates.
Belarus Seeks Alternatives to Overcome Sanctions on Timber and Wood Products
Belarus’ export program is now being reoriented towards the domestic market—which in turn has required a major restructuring of the timber industry market, with losses in profitability and additional administrative costs being borne by the heads of regional governors.
China’s Home Prices Decline at an Accelerated Pace in August, Marking 12th Consecutive Drop
According to data released by China’s National Bureau of Statistics, new-home prices in 70 cities, excluding state-subsidized housing, dropped 0.29% month-over-month in August. The decline marks the twelfth consecutive month of price depreciation.
University of Michigan Preliminary Consumer Sentiment Index Released for September 2022
The Index of Consumer Sentiment increased to a reading of 59.5 in September, up from its reading of 58.2 in August. This is month-over-month increase of 2.2% but down 18.3% year-over-year (72.8 in September 2021).
US Class 1 Freight Railroad Strike Averted After 20-Hour Marathon Bargaining Session
A 20-hour marathon bargaining session, hosted by U.S. Secretary of Labor Marty Walsh, between the unions representing 115,000 workers and the US Class 1 freight railroads has yielded a tentative agreement which has averted, at least for now, a nationwide Class 1 railroad lockout or strike.
Fort Nelson First Nation Secures One of the Largest Ever Forest Tenures from BC Government
The BC Ministry of Forests has set out a tenures offer with a total quantum of 1.26 million cubic meters per year, making it one of the largest forest tenures commitments ever made to a First Nation. The commitment is reportedly to enable the construction and operation of the FNFN pellet facility project.
Mortgage Rates Top 6% for First Time Since 2008 in the Week Ending September 15, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending September 15, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 6.02% with an average 0.8 point, up from last week when it averaged 5.89%.