The National Association of Realtors® (NAR) reported on Monday (11-29-21) that their Pending Homes Sales Index (PHSI) — based on signed real estate contracts, not actual closings for existing single-family homes, condominiums, and co-ops — increased 7.5% month-over-month in October 2021 to a reading of 125.2.
Wood Markets News
Canadian Pacific Railways’ Acquisition of the Kansas City Southern Railroad Moves One Step Closer to Reality With Mexican Regulators’ Approval
Canadian Pacific’s (CP) $31 billion plan to acquire the Kanas City Southern Railroad (KCS), creating a railroad that will link Canada, the US, and Mexico, cleared a major hurdle with the approval of Mexican regulators. The CP said on Friday that the US Surface Transportation Board’s (STB) review of the deal is expected to continue into the fourth quarter of next year.
California’s Wildfires Are Out, but Timber Industry’s Problems Are Beginning
In California, wildfires are an expected occurrence for the state’s timber industry and natural and restorative to these ecosystems. However, the severity of wildfires in 2020 and 2021 are expected to result in significant — some are calling it catastrophic — destruction in the timber industry, posing a threat to 32 million acres of territory blanketed by forests and the people who live and work there.
Segezha Group Signs Contract with AS Hekotek to Supply Pellet Equipment for Lesosibirsk Sawmills and Woodworking Plant (LDK No.1)
Segezha Group’s Lesosibirsk Sawmills and Woodworking Plant (LDK No.1) has signed a contract with AS Hekotek to supply equipment for its pellet production facility. The investment is valued at approximately 10.1 million Euros, and the production capacity is projected at 100 thousand tons per year. The facility is scheduled to be online in Q2 of 2023.
Rising Softwood Lumber Prices Contributes to Canadian Industrial Product Price Index Growing 1.3% in October
Statistics Canada (StatsCan) is reporting today (11-29-21) that the price of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), rose 1.3% month-over-month in October. This follows a 1.2% monthly increase in September. The IPPI was up 16.7% higher year-over-year.
Kandola Forest Products Makes Presentation for Quesnel, BC City Council
Kandola Forest Products (KFP) began operations in April 2021 in the former C&C mill facility located in Quesnel, BC. Neal Kandola, the CEO of the value-added mill appeared before the Quesnel city council and reported that KFP has captured a bigger market share that previous company operating out of the mill was ever able to accomplish.
New Residential Home Sales Up Month-Over-Month but Fall Year-Over-Year in October 2021
The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced on Wednesday (11-24-21) that new residential single-family home sales for October 2021 were at a SAAR of 745,000, according to estimates. This is 0.4% above the revised September rate of 742,000 but is -23.1% below the October 2020 estimate of 969,000.
Mass Timber Roof to be Crowning Jewel of Portland International Airport’s Expansion Project
The new main terminal at Portland Oregon’s International Airport (PDX) is starting to take shape. The construction of the massive, undulating wood roof is set to be the crowning jewel of PDX’s $2 billion expansion. The 392,000-square-foot mass timber roof is being put together like a huge 3-D puzzle about a mile away from the new terminal.
30-Year Mortgage Rates Hold Steady, 15-Year Rates Up Slightly in the Week Ending November 24, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending November 24, 2021. The PMMS reports that the 30-year fixed-rate mortgage averaged 3.10% with an average 0.7 point, unchanged from last week. A year ago, at this time, the 30-year FRM averaged 2.72%.
University of Michigan Final Consumer Sentiment Index for November at Lowest Point in Nearly a Decade
The University of Michigan today (11-24-21) released its final Consumer Sentiment Index (CSI) for November. The Index of Consumer Sentiment declined to a reading of 67.4 in November, down from 71.7 in October. This is a month-over-month decrease of -6.0% and a year-over-year decrease of -12.4% (76.9 in November 2020).