The National Association of Realtors® reported on Thursday that total existing home sales (completed transactions for single-family homes, townhomes, condominiums, and co-ops) dropped 5.9% in July from June to a seasonally adjusted rate at 4.81 million homes.
Wood Markets News
Mortgage Rates Move Slightly Lower in the Week Ending August 18, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending August 18, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.13% with an average 0.8 point, down from last week when it averaged 5.22%.
US Leading Economic Index® Declined Further in July, The Conference Board Reports
The Conference Board released today (8-18-22) the Leading Economic Index® (LEI) for July 2022. According to the report, the LEI declined 0.4% in July, falling to a reading of 116.6 (2016=100). The decrease follows a 0.7% decline in June.
Weekly Jobless Claims Inch Lower in the Week Ending August 13, 2022
The US Department of Labor is reporting that an additional 250,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday, August 13, 2022. This is a decrease of 2,000 from the previous week’s revised-lower level of 252,000.
Tahoe Forest Products Ready to Start Construction on New Sawmill
Tahoe Forest Products, in a partnership with Washoe Development Corp., an affiliate of Washoe Tribe of Nevada and California, announced on Tuesday that they have officially leased 40 acres and plan to build the first major sawmill in the region in decades.
European Wildfires on Pace to Set Record Forestland Losses in 2022
Citing data provided by the European Forest Fire Information System (EFFIS), the AFP News Agency reported on Sunday that approximately 660,000 hectares (1,630,000 acres) of land have been ravaged by wildfires since January 1st through August 13th, 2022.
Prince Albert Pulp Inc. Hoping to Start Construction on New Facility in Mid-2023
With a goal of starting construction no later than May of 2023, and with pulp operations starting by the end of 2024, Project Operations Director Carlo Dal Monte, representing the Price Albert Pulp, says that the company is still waiting to receive final approval on their construction plans.
Mortgage Applications Drop to Lowest Level Since 2000 in the Week Ending August 17, 2022
For the week ending August 17, 2022, the Market Composite Index (a measure of mortgage loan application volume) decreased 2.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index declined 3.0%.
Producer Price Index Shows Prices of Building Materials Edged Higher in July
According to the latest the Producer Price Index (PPI) report, the price of building materials increased 0.4% (not seasonally adjusted) in July. Prices have surged 35.7% since January of 2020, with 80% of those increases occurring since January of 2021.
Housing Starts and Building Permits Decline While Completions Increase in July 2022
The US Census Bureau reported on Tuesday that privately‐owned housing starts in July were at a seasonally adjusted annual rate (SAAR) of 1,446,000. This is 9.6% below the revised June estimate of 1,599,000 and is 8.1% below the July 2021 rate of 1,573,000.