Redfin reported that investors purchased $43 billion worth of homes in Q2—up 13.7% from a year earlier and the biggest gain in two years.
Wood Markets News
Multifamily Lending Declines 49% Year-Over-Year in 2023
In 2023, 2,520 different multifamily lenders provided a total of $246.2 billion in new mortgages for apartment buildings with five or more units, MBA reported.
US Weekly Initial Jobless Claims Decline in the Week Ending August 10th
The advance figure for seasonally adjusted initial unemployment claims was 227,000, a decrease of 7,000 from the previous week’s revised level.
US Dept. of Commerce Releases Final Determinations in Fifth Administrative Review of Duties on Certain Softwood Lumber Products From Canada
The US Department of Commerce released its final determinations for the fifth Administrative Review in the antidumping and countervailing duty investigations of imports of certain softwood lumber products from Canada.
Michigan Forestry Companies Merge to Manage 550,000 Acres Across Michigan and Wisconsin
Two Michigan forestry companies, Green Timber Consulting Foresters and Grossman Forestry Company, announced that they are merging.
US Residential Building Materials Costs Decline in July
The seasonally adjusted PPI for softwood lumber fell 1.04% in July, after rising 3.29% in June.
US Consumer Price Index Increases 2.9% Year-Over-Year in July
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% on a seasonally adjusted basis, after declining 0.1% in June.
Mortgage Applications Increase in the Week Ending August 9th
Mortgage loan application volume increased 16.8% on a seasonally adjusted basis from one week earlier.
Timber Building Inside a Skyscraper Being Built in Sydney, Australia
The world’s largest hybrid building will be “a timber building inside a much, much larger building,” Wood Central reported.
Rockshield Engineered Plywood Plant in Cochrane, ON, Suffers Extensive Fire Damage
The Rockshield Engineered Plywood Plant in Cochrane, Ontario, suffered extensive fire damage on Friday, CTV News reported.