According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending September 4th, 2020, the Market Composite Index, a measure of mortgage loan application volume, increased 2.9% on a seasonally adjusted basis from one week earlier.
Wood Markets News
Record High Prices for Construction Grade Panels, Provides Alberta with a New Source of Revenue
As oil and gas prices plunged, the province of Alberta was suffering from a huge decline in revenue funds for their coffers. However, record high prices for construction paneling has created a resource, which for now, is helping to makeup some of those losses.
Initial Reports Indicate Heavy Timber Damage in Louisiana from Hurricane Laura
Early reports from Louisiana in areas battered by Hurricane Laura are indicating that forestland losses will be extensive. There are twisted trees and downed timber and a large-scale assessment is just now getting underway.
Texas A&M University Offers Forestland Owners Help in the Aftermath of Hurricane Laura
Although Hurricane Laura spared most of Texas from her damaging winds and flooding, some parts of Southeast Texas were not as fortunate.
Multiple Wildfires Burning Throughout the Inland Northwest
Television station KREM-2, a CBS affiliate, is reporting that there are multiple wildfires burning throughout the Inland Northwest. The fires started on Labor Day and were the results of extremely windy conditions.
‘Wood CO2ts less’ Campaign Underway in the U.K., to Increase Awareness of Woods Ability to Reduce Carbon Emissions
In the U.K., a campaign is underway to increase the awareness of how using wood from sustainably managed forests can help reduce carbon emissions. The campaign members say that using wood boosts the green credentials of builders and developers.
F.H. Stoltze Announces Formation of Stoltze Timber Systems Inc., with Builder Pat Clark and Other Investors
The oldest family owned lumber company in Montana, F.H. Stoltze Land and Lumber Company has announced that they are joining forces with builder Pat Clark and other investors to form Stoltze Timber Systems, Inc.
The Province of Ontario Steps Up Funding to Help Unemployed Kenora Forest Products Workers
The Kenora Forest Products Ltd., mill in Kenora Ontario remains idle, shuttered by its parent company in September 2019.
Malaysian Plywood Manufacturers Dealing with Multiple Competitive Issues
Malaysian plywood manufacturers are dealing with weak export demand, softening prices and reduced purchases from their largest trading partner, Japan, who is purchasing more panels from Indonesia, as well as having increased internal production.
Homebuyers Purchasing Power Increases in July, Only to be Offset by Greater Increase in Home Prices
According to Redfin, a Seattle based technology-powered residential real estate company, in July homebuyers purchasing power increased by 6.9%. This thank to the current historically low mortgage rates.