The U.S. Department of Labor is reporting that an additional 884,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday September 5th. Unchanged, from last week’s upward adjusted numbers
Wood Markets News
Wildfires Consume More Than 330,000 Acres in Washington State in Just 24-hours
Fueled by high winds and an abundance of dry brush, the state of Washington continues to deal with wind-whipped wildfires that on Tuesday consumed more than 330,000 acres of brush and timber.
California’s Wildfire Season Yet to Peak and 2 Million Acres Have Already Burned
The peak of wildfire season is about to begin in California and before it starts the state has already set a record with 2 million acres burned so far this year. The previous record was set just two years ago.
Job Opening and Labor Turnover Survey for July 2020
The Bureau of Labor Statistics (BLS) has posted its Job Opening and Labor Turnover Survey (JOLTS) for July 2020. According to the JOLTS report the number of job openings increased to 6.6 million as of the last business day of July.
Spread Between Treasury and Mortgage Rate Decreased in August
The spread between the 10-year U.S. Treasury rate and the 30-year fixed-mortgage rate in August was depicted by weekly declines, only to rise minutely by the first week of September.
U.S. Mortgage Forbearance Rate Drops to Lowest Level Since Mid-April
According to the Mortgage Bankers Association (MBA), the U.S. forbearance rate in the last week of August (8/28) fell to the lowest level since mid-April.
Mortgage Lending Sets a 20-year Record in Q2 2020 with $1.1 Trillion in Loans
According to Black Knight, one of the premier providers of integrated technology, data and analytics for lenders and servicers, lenders in the U.S. issued $1.1 trillion dollars in home loads between April and June, marking the biggest quarter in at least two decades.
Mortgage Applications Increase in Week Ending September 4th, 2020
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.
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.