According to the latest Housing Trends Report (HTR), the number of potential home buyers who are actively engaged in the process of buying a home rose to 49% in Q2 of 2022. This follows three consecutive quarters of declines. The HTR believes the change is the result of less competition from buyers who have exited the market.
Wood Markets News
Mortgage Applications Increase in the Week Ending July 29, 2022
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending July 29, the Market Composite Index (a measure of mortgage loan application volume) increased 1.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 1.0%.
Port of Wilmington Finally Has a Revamped and Operational Wood Chip Facility
With the opening of Basaga International, the Port of Wilmington, after years of inactivity due to Hurricane Florence’s damage, now has an operating wood chip facility. Basaga shipped its first major shipment in late July and a second and larger shipment is scheduled to depart later this month.
LP Building Solutions Completes Sale of Its Engineered Wood Products Business to Pacific Woodtech
LP Building Solutions announced on Monday that it had successfully closed on the previously announced sale of its Engineered Wood Products (EWP) business to Pacific Woodtech for $210 million. Pacific Woodtech’s acquisition includes LP’s laminated veneer lumber and I-joist manufacturing facilities.
US Census Bureau Reports Residential Vacancies and Homeownership Statistics for Q2 2022
The US Census Bureau reported today its Residential Vacancies and Homeownership statistics for the second quarter 2022. According to the report, the national vacancy rates in Q2 were 5.6% for rental housing and 0.8% for homeowner housing. The rental vacancy rate was 0.6 percentage points lower than the rate in the Q2 of 2021.
Multifamily Lending Hits All-Time High in 2021
The Mortgage Bankers Association reported today, in its annual report on the multifamily lending market, that in 2021 there were 2,215 different multifamily lenders that provided a total of $487.3 billion in new mortgages for apartment buildings of 5 or more units.
Job Openings and Labor Turnover Summary Released for June 2022
On Tuesday, the US Bureau of Labor Statistics reported the Job Openings and Labor Turnover Summary for June 2022. According to the report, as of the last day in June, the number of job openings decreased to 10.7 million, down 605,000, or 6.6%. The largest decrease in job openings was in retail trade, down 343,000.
USNR Acquires Timber Automation Company
USNR, a division of Wood Technologies International, announced on Thursday that it had acquired Timber Automation Company, located in Hot Springs, Arkansas. According to USNR’s press release, the combination will add more than 250 employees and 200,000 square feet of manufacturing space.
Western Forest Products Inc. Selects Steven Hofer as Next President & CEO
Western Forest Products Inc. on Thursday announced that effective September 7, Steven Hofer will assume the role of its President and CEO, as well as a member of the company’s board of directors. Mr. Hofer succeeds Don Demens, who will remain at Western in an advisory capacity until March 31, 2023.
Construction Spending in June Down Month-Over-Month but Up Year-Over-Year
On Monday, the US Census Bureau reported that total construction spending during June 2022 was estimated at a seasonally adjusted annual rate of $1,762.3 billion, 1.1% below the revised May estimate of $1,781.9 billion. The June figure is 8.3% above the June 2021 estimate of $1,628.0 billion.