Freddie Mac expects multifamily performance to remain muted for the remainder of the year as the market works through a historically high supply of new units.
Wood Markets News
Bank of Canada Cuts Key Interest Rate by Quarter Point to 4.5%
The Bank of Canada cut its key interest rate for a second consecutive time but warned the path back to 2% inflation may be uneven and would ultimately determine the pace of future cuts, The Canadian Press reported.
Mortgage Applications Decline in the Week Ending July 19th
Mortgage loan application volume decreased 2.2% on a seasonally adjusted basis from one week earlier, MBA reported.
US Existing-Home Sales Continue to Decline in June
Existing-home sales declined 5.4% month-over-month in June to a seasonally adjusted annual rate of 3.89 million, NAR reported.
Southern Pine Lumber Exports Reach Three-Year High in May
Exports of Southern pine lumber, both brite stock and treated, hit a three-year high of 59.7 MMBF in May, just shy of the record high 60.3 MMBF recorded in October 2021.
Fannie Mae Economic and Strategic Research Group Releases Its July Commentary
Home price growth in Q2 was stronger than previously anticipated but will likely moderate soon, closing 2024 and 2025 at annual rates of 6.1% and 3.0%, respectively, the ESR Group said.
Share of Mortgage Loans in Forbearance Increases in June—First Upward Movement Since October 2022
the total number of loans in forbearance as of June 30th increased to 0.23% of servicers’ portfolio volume, up from 0.21% in May, MBA reported.
Canadian Rail Cargo Movement Up 3.2% in May
Volume totaled 32.0 million tons, up 3.2% year-over-year. This is also above the five-year average of 31.4 million tons.
Lower Mortgage Rates and Additional Homes For Sale Give Homebuyers Some Relief
Redfin recently reported that the typical US homebuyer’s monthly housing payment was $2,722 during the four weeks ending July 14th, approximately $115 lower than April’s all-time high.
Mekong Wood Begins Production at New MDF Plant in Phu Tho, Vietnam
The Mekong Wood MDF Joint Stock Company has ventured into the production of MDF panels with a new plant in Phu Tho, Vietnam, Wood & Panel Europe reported.