A large-scale modernization investment in an existing boiler plant at the Keitele Timber sawmill located in Keitele, Finland had been agreed upon by KPA Unicon and Keitele Energy. The investment is in cleaner energy production and modernization of the plant’s automation and other systems.
Wood Markets News
Home Prices Increase for Sixth Consecutive Month in September
According to the Radian Home Price Index (HPI) data released earlier in the month by Red Bell Real Estate, LLC, a Radian Group Company Inc., U.S. home prices in September appreciated at an annualized 17.6% from the month of August. This marks the sixth consecutive month of reporting an all-time record month-over-month rate.
Mortgage Applications Increased 5.5% in the Week Ending November 5, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS) for the week ending November 5, 2021, the Market Composite Index, a measure of mortgage loan application volume, increased 5.5 percent on a seasonally adjusted basis from one week earlier.
Consumer Price Index Increases 0.9% in October and 6.2% Year-Over-Year
The U.S. Bureau of Labor Statistics (BLS) reported on Wednesday (11-10-21) that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.9% in October on a seasonally adjusted basis after rising 0.4% in September. Over the past 12-months, the all-item index has increased 6.2% before seasonal adjustment.
Mortgage Rates Fall Back Below 3% in the Week Ending November 10, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending November 10, 2021. The PMMS reports that the 30-year fixed-rate mortgage averaged 2.98% with an average 0.7 point, down from last week when it averaged 3.09%.
Weekly Jobless Claims Decline Further in the Week Ending November 6, 2021
The U.S. Department of Labor is reporting that an additional 267,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday November 6, 2021 — a decrease of 4,000 from the previous week’s revised level. This is the lowest level for initial job claims since March 14, 2020, when it was 256,00.
Alberta’s Provincial Government Approves Renewal of Tolko Industries’ Forest Management Area
On Monday (11-8-21), the Alberta provincial government approved the renewal of Tolko Industries’ 272,441-hectare forest management area (FMA) near High Prairie. The renewal allows Tolko to harvest Crown timber from the FMA for the next 20 years.
Fannie Mae’s Home Purchase Sentiment Index Increases Modestly in October
On Monday (11-8-21), Fannie Mae released their Home Purchase Sentiment Index (HPSI) for October. The October HPSI increased one point to a reading of 75.5, with consumers expressing mixed feeling on the current homebuying and home selling markets. In addition, a good majority of those polled felt pessimistic toward the overall financial landscape of the U.S. economy.
NFIB’s Small Business Optimism Index Moves Lower in October
The National Federation of Independent Business (NFIB), one of the largest small business associations in the U.S., reported today (11-9-21) that their NFIB Small Business Optimism Index dropped -0.9 points to a reading of 98.2 in October. The NFIB Uncertainty Index dropped -7 points to a reading of 67, the lowest level since January 2016.
Mortgage Credit Availability Increased Slightly in October
The Mortgage Banker Association (MBA) today (11-9-21) released their Mortgage Credit Availability Index (MCAI), which analyzes data from Ellie Mae’s AllRegs® Market Clarity® business information tool, for October. According to the MBA, the MCAI rose 0.1% to 125.7.6 in October. Increases in the index are indicative of loosening credit.