The National Association of Home Builders (NAHB) has released their Remodeling Market Index (RMI) for Q3 2020. The reading of 82 in the third quarter, indicates remodelers’ strong confidence in their markets.
Wood Markets News
Joint Center for Housing Studies Expects Do-it-Yourself Uptick to Slow and Return to Normal Levels
There has been a surge in do-it-yourself (DIY) home improvement projects since the start of the pandemic. With extra time on their hands and savings destined for vacations and trips that are now on hold, homeowners have used that time and money to take on projects to adapt their homes to their new lifestyles.
Estimates of Hurricane Laura’s Impact on Loggers and Landowners in Louisiana is Staggering
According to a report by Jeff Zeringue, in the Louisiana Logging Council’s Louisiana Logger publication, loggers and landowners in Louisiana experienced a year’s worth of timber harvest overnight when Hurricane Laura badly damaged more that 758,000 acres of timberland in Louisiana in late August.
FEA Says Global Nominal CLT Capacity Expected to Reach 6.8 Million m³ by 2024
Global nominal CLT capacity is expected to reach 6.8 million m³ (≈ 5.5 billion board feet) by 2024, FEA’s Art Schmon said in his new 2020Q3 Global Mass Timber Forecast.
The American Wood Council Reports Successfully Completing Two Full-Scale CLT Diaphragm Tests
The American Wood Council (AWC) is reporting that they have successfully completed two full-scale cross laminated timber (CLT) diaphragm tests at Weyerhaeuser’s ISO 17025 accredited test facility in Federal Way Washington. The tests will provide strength and deformation data important for the evaluating CLT diaphragm resistance to lateral wind and earthquake forces.
Weekly Jobless Claims Increased in the Week Ending October 10th, 2020
The U.S. Department of Labor is reporting that an additional 898,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, October 10th. An increase of 53,000 from the previous week’s revised level.
Canadian Home Sales and Prices Rise Again in September
The Canadian Real Estate Association (CREA) is reporting that home sales in Canada rose 0.9% in September, from August. According to CREA, actual sales, not seasonally adjusted, increased 45.6% year-over-year.
Mortgage Rates Hit Another New Record Low in Week Ending October 15th, 2020
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending October 15th, 2020. The PMMS shows that 30-year fixed-rate mortgage averaged 2.81% with an average 0.6 point, down from last week when it averaged 2.87%. A year ago, at this time, the 30-year FRM averaged 3.69%.
Mortgage Applications Drop -0.7% in Week Ending October 9th, 2020
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending October 9th, 2020, mortgage applications decreased 0.7% from the previous week. On an unadjusted basis, the Index decreased -1% compared with the previous week.
Prices Paid for Residential Construction Materials Increase Again in September
A closer look into the Bureau of Labor Statistics (BLS) September Producer Price Index (PPI) reveals that prices paid for goods used in residential construction increased 1.8% (not seasonally adjusted). Less food and energy the index for inputs to residential construction increased 2.2% over the month.