According to the latest Bloomberg Nanos Canadian Confidence Index (BNCCI), a measure of sentiment based on weekly polling, Canadian consumer confidence recorded its sharpest weekly decline since the darkest moments of the pandemic, with inflation and deteriorating outlook for housing weighing on consumer confidence.
Wood Markets News
Building Materials Costs Climb Higher in April—Up Both Month-Over-Month and Year-Over-Year
A closer look at the Bureau of Labor Statistics’ April Producer Price Index (PPI) report, which was released on Thursday (5-12-22), with further analysis provided by the National Association of Home Builders (NAHB), reveals that the prices of goods used in residential construction (ex-energy and not seasonally adjusted) increased 0.5% in April.
Mortgage Loan Originations for Multifamily and Commercial Borrowing Increase 72% in Q1 of 2022
According to the Mortgage Bankers Association’s latest Quarterly Survey of Commercial/Multifamily, mortgage loan originations increased 72% in Q1, when compared to the same period in 2021. In alignment with seasonality trends, originations during first three months of 2022 were -39% lower than Q4 of 2021.
Home Buyers Racing To Find Their Dream Home Before Home Prices or Mortgage Rates Trek Even Higher
In its latest report, which covers the four-week period ending May 8, 2022, Redfin, the Seattle-based, technology powered real estate company, reported that the typical home for sale found a buyer in 15 days. This is currently the fastest pace on record.
U.S. Housing and Vacancy Rate at or Near Historical Lows, Census Bureau Reports
According to the recently released U.S. Census Bureau Housing Vacancy Survey (HVS), the U.S. housing and vacancy rate. The HVS reports that both rental and homeowner vacancy rates decreased between 2009 and 2019. The onset of the pandemic further tightened supplies.
University of Michigan Preliminary Consumer Sentiment Index Released for May 2022; Erases April’s Gains
The University of Michigan today (5-13-22) released its preliminary Consumer Sentiment Index (CSI) for May. The Index of Consumer Sentiment dropped to a reading of 59.1, down from April’s reading of 65.2; this is a month-over-month decrease of -9.4% and down -28.7% year-over-year (82.9 in May 2021).
Producer Price Index for Final Demand Edges 0.5% Higher in April 2022
The Bureau of Labor Statistics reported today that the Producer Price Index (PPI) for final demand, seasonally adjusted, increased 0.5% in April. On an unadjusted basis, final demand prices moved up 11.0% for the 12 months ending in April.
New Zealand’s Timber Export Trade Potentially Disrupted by Russia’s Invasion of Ukraine
Amid sanctions, Russia is looking to expand its export of timber to non-sanctioning countries. Two of those non-sanctioning countries, China and Vietnam, are currently significant volume purchasers of New Zealand timber.
U.S. National Interagency Fire Center Wildfire Releases Update for May 12, 2022
The NIFC is reporting that no large new fires were reported yesterday. Nationally, nine uncontained large fires have burned 328,189 acres. More than 4,200 wildland firefighters and support personnel are assigned to incidents in the Southwest and Southern areas.
Mortgage Rates: 30-Year Climbs Higher but 15-Year Edges Lower in the Week Ending May 12, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending May 12, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.30% with an average 0.9 point, up from last week when it averaged 5.27%.