Redfin is reporting the housing market cooled considerably in May as mortgage rates climbed to their highest levels since 2009. Seasonally adjusted, home sales fell -3% month over month–their only May decline on record outside of 2020, when the start of the pandemic sent shockwaves through the market.
US Secretary of the Interior Deb Haaland announced that the U.S. will be adding $103 million this year for wildfire risk reduction and burned-area rehabilitation throughout the country. The same funding will also pay for the establishment of an interagency wildland firefighter health and well-being program.
Experts say that while British Columbia has reached the peak of the springtime snowmelt, the danger of flooding will persist for weeks. This is the result of record snowfall in the mountains and a forecast of a quickly changing weather pattern, to hotter and drier, in the weeks ahead.
According to the June 2022 commentary from Fannie Mae’s Economic and Strategic Research (ESR) Group, higher interest rates and elevated inflation are expected to continue to weigh on economic growth and home sales as the year progresses. As a result, the ESR has reduced its full-year 2022 growth forecast to 1.2%.
The Canadian National Railway (CN) confirmed on Wednesday that the International Brotherhood of Electrical Workers (IBEW) has given them a 72-hour notice of if intention to strike (11:00 AM EDT on Saturday, June 18, 2022). The IBEW represents approximately 750 CN signal and communications employees in Canada.
Russia’s invasion of Ukraine and the sanctions applied by the EU and UK on Russia for that action have European architects and designers struggling to source wood for their projects. In 2021, Russia, Belarus, and Ukraine provided nearly a quarter of the worldwide lumber trade and 53% of the EU’s timber imports.
The Mortgage Bankers Association reported on Thursday that data from their Builder Application Survey revealed that mortgage applications for new home purchases declined -4% month-over-month and -5% year-over-year in May, reaching a seasonally adjusted annual rate of 727,000 units.
The US Structural Plywood Integrity Coalition on Tuesday, June 14, 2022, filed a motion in Federal District Court in Florida for an expedited hearing and temporary injunction against Forestwood Industries Inc. and Association for Laboratory Accreditation Inc (“A2LA”) and their certification of Brazilian manufactured plywood panels.
The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today the Leading Economic Index® (LEI) for the US in May of 2022. According to the report, the LEI for the US declined -0.4%, falling to a reading of 118.3 (2016=100). The decrease follows a -0.4% decline in April.
The US Census Bureau reported on Thursday that privately‐owned housing starts in May were at a seasonally adjusted annual rate of 1,549,000; this is -14.4% below the revised April estimate of 1,810,000 and is -3.5% below the May 2021 rate of 1,605,000. Single-family housing starts in May were at a rate of 1,051,000.