According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending April 22, 2022, the Market Composite Index (a measure of mortgage loan application) volume declined -8.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -7.0%.
Wood Markets News
New Single-Family Home Sales Decline Month-Over-Month and Year-Over-Year in March 2022
The U.S. Census Bureau and the Dept. of Housing and Urban Development jointly announced on Tuesday that new residential single-family home sales for March 2022 were at a seasonally adjusted annual rate of 763,000, according to estimates.
U.S. Dept. of Commerce Extends Deadline for Final Conclusion on Anti-Dumping Probe of Hardwood Plywood Imported From Vietnam
Vietnam says the U.S. Department of Commerce has announced an extension of its deadline for its final conclusion on the anti-dumping and anti-subsidy tax evasion investigation into hardwood plywood imported into the U.S. from Vietnam.
FHFA Home Price Index Up 2.1% Month-Over-Month and 19.4% Year-Over-Year in February 2022
According to the latest Federal Housing Finance Agency (FHFA) House Price Index (HPI®) released today (4-26-22), U.S. house prices increased 2.1% month-over-month in February. House prices increased 19.4% from February 2021 to February 2022.
U.S. Home Prices Post 19.8% Year-Over-Year Gain in February 2022
According to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported today (4-26-22), which covers all nine U.S. Census divisions, home prices experienced a 19.8% annual gain in February, following a 19.1% annual gain in January.
The Conference Board’s Consumer Confidence Index Declines Modestly Month-Over-Month in April 2022
The Conference Board today (4-26-22) released their Consumer Confidence Index® (CCI) for April 2022. The CCI declined slightly in April after a modest increase in March. The Index (1985=100) now stands at 107.3, down from 107.6 in March.
Ontario Offers $17.2 Million in Support of Proposal to Relocate and Expand Kenora Forest Products Mill Site
GreenFirst Forest Products Inc. has announced that it plans to use a large $17.2 million (CAD) performance-based loan from Ontario to support a proposal to relocate, improve, and expand the former Kenora Forest Products mill site. This performance-based loan is conditional on Ontario and the company finalizing a contract.
Stora Enso Announces Sale of Two Sawmills and Forest Operations in Russia to Local Management
Uncertain about its future in Russia, Stora Enso, the Finland-based forestry firm, announced on Monday (4-25-22) that it will be selling its two sawmills, one in Karelia and the other in Novgorod, along with the Russian forest operation that supplies wood to both mills to local management. The mills have an annual capacity of 350,000 cubic meters.
Home Purchasing Bidding Wars Retreat in March—The First Decline in 6 Months
Redfin reported today (4-25-22) that 65% of home offers written by their agents faced competition on a seasonally adjusted basis in March. That is down from a revised 66.7% in February. It also marks the first month-over-month decline since September of 2021. It also marks the first month-over-month decline since September of 2021.
City of South Perth, Australia Set to Become Home of World’s First Hybrid Timber Tower
The City of South Perth, Australia’s skyline is about to become home to one of the world’s most unique tower buildings. Grange Development submitted plans on Thursday (4-21-22) to the City of South Perth for what is set to be the world’s tallest $350 million (A$) hybrid timber tower and Australia’s first carbon negative building.