Wood Markets News


Hemp: Next New Option in Building Components

Blain Brownell, FAIA, is an architect and materials researcher. He is also the Director of the School of Architecture at the University of North Carolina at Charlotte. According to an article published in Architect Magazine, Brownell’s research has helped him identify another building product, which he believes has the potential of revolutionizing and replacing concrete, steel, and even wood in some, not all, structural building components. The fourth building option is Hemp.

Canada’s GDP Increased 0.4% in August

Statistics Canada (StatsCan) reported today (10-29-21) that Canada’s real gross domestic product (GDP) rose 0.4% in August. This was result of the continued easing of public health restrictions and further reopening across the country, as well as increased demand across many close contact service industries.

U.S. Home Price Appreciation Sets New Record for Third Consecutive Month, Rising 20.7% Year-Over-Year

Year-over-year the RHPI reports that the nominal price appreciation reached 20.7%, the third consecutive month it has set a record. Real house prices increased 1.2% between July 2021 and August 2021. Consumer house-buying power, how much one can buy based on changes in income and interest rates, increased 0.5% between July 2021 and August 2021, and increased 3.5% year-over-year, according to the RHPI.

Pending Homes Sales Slip in September

The National Association of Realtors® (NAR) reported on Thursday (10-28-21) that their Pending Homes Sales Index (PHSI) — which is based on signed real estate contracts, not actual closings, for existing single-family homes, condominiums, and co-ops — declined -2.3% month-over-month in September 2021 to a reading of 116.7.

Real GDP in Q3 2021 Grows at an “Advance” Estimated Annual Rate of 2.0%

The Bureau of Economic Analysis (BEA) reported today (10-28-21) that its “advance” estimated Real Gross Domestic Product (GDP) for Q3 of 2021 increased at an annual rate of 2.0%. According to the BEA, the increase in real GDP in the Q3 of 2021 reflected increases in private inventory investment, personal consumption expenditures (PCE), state and local government spending, and nonresidential fixed investment…

Mortgage Rates Creep Higher in the Week Ending October 28, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending October 28, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 3.14% with an average 0.7 point, up from last week when it averaged 3.09%. A year ago, at this time, the 30-year FRM averaged 2.81%.