According to the S&P CoreLogic Case-Shiller U.S. National Home Price Index, strong homebuyer demand in July, combined with historically low mortgage interest rates propelled home prices higher in major markets across the U.S. Nationally, home values rose 4.8% annually up from a 4.3% gain in June.
Wood Markets News
Home Listing for New Construction Dropped 4% in August
According to the latest report from Redfin, a technology-powered residential real estate company, based in Seattle Washington, new listings of newly-built homes dropped -4.1% year over year to a seasonally-adjusted rate of 74,000 in August, reversing course after a 3.8% gain in July.
Construction Employment Decreases in 39 States Year-Over-Year in August
According to the Associated General Contractors of America (AGC) analysis of government data, construction employment decreased in 39 states year-over-year (YOY) between August 2019 and August 2020.
United States Appeals World Trade Organizations Ruling on Canadian Lumber Subsidies
The United States announced on Monday, (9/28) that it has appealed a World Trade Organization (WTO) ruling that favored Canada in the longstanding battle over lumber imports, describing the decision as “deeply flawed”.
Homeowners Gain Equity in Q2 of 2020, Despite COVID-19 Pandemic
According to a new report from CoreLogic, Inc., the Irvine California based corporation that provides financial, property, and consumer information analytics and business intelligence, homeowners are gaining wealth during the COVID-19 pandemic.
U.S. Consumer Sentiment Rises to Six-Month High
According to the University of Michigan’s preliminary Sentiment Index for September, U.S. consumer sentiment increased more than expected reaching a six-month high as more Americans were upbeat about the economy’s prospects.
Mission Forest Products to Build New Sawmill in Corinth Mississippi
Mission Forest Products, a subsidiary of Timberland Investment Resources (TIR), has announced their plans to build a sawmill in Corinth, Mississippi, that will bring an estimated 130 jobs by the year 2022.
Florida’s Agriculture Commissioner Urges President to Approve Major Disaster Declaration
Nikki Fried, Florida Agriculture Commissioner, has written a letter to President Trump urging him to approve Florida’s request for a Major Disaster Declaration for North Florida counties impacted by Hurricane Sally.
Construction is Underway in Milwaukee Wisconsin on the World’s Tallest Mass Timber Building
Construction is underway in downtown Milwaukee Wisconsin on the Ascent Building. A 25-story, 284-foot residential complex, constructed from mass timbers. When complete the building will be the tallest wood tower in the world, 4 feet higher than the mixed-used structure built in Brumundal Norway last year.
Study Examines COVID-19 Pandemics Impact on Homeowners Vs. Renters
A recently released report from Clever Real Estate sought to discover the impact of COVID-19 on homeowners vs. renters. The report found that COVID-19 pandemic has and continues to cause housing payment – owned or rented – delinquencies.