The U.S. Department of Labor is reporting that an additional 1.3 million Americans made their initial filing for unemployment benefits during the week ending on Saturday July 11th.
Wood Markets News
U.S. Softwood Lumber Production Increases in January and February While Canadian Production Declines
The latest issue of the Western Wood Products Association’s monthly Lumber Track reports that for the first two months of 2020, U.S. lumber production volume increased by 5%, when compared to the first two months of 2019.
Strong Housing Rebound Underway but Experts Say There Are Risks
Fannie Mae’s Economic and Strategic Research (ESR) Group is pointing to the reopening of the economy in several states from the COVID-19 pandemic shutdowns, as a reason for their raising their estimates for the 2020 full year GDP from the current -5.4% decline it predicted in June to a -4.2% downturn in July.
New Home Purchase Mortgage Applications Jump 54.1%
The Mortgage Bankers Association (MBA) Builder Application Survey (BAS), which tracks application volume from mortgage subsidies of home builders across the U.S., reports that for June 2020, mortgage applications for new home purchases increased 54.1% year-over-year.
Mortgage Applications Increase in Week Ending July 10th 2020
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending 10th July 2020, the Market Composite Index, a measure of mortgage loan application volume, increased 5.1% on a seasonally adjusted basis from one week earlier.
SmartLam Opens Manufacturing Facility in Columbia Falls Mt. at Former Plum Creek Sawmill
SmartLam, the cross-laminated timber (CLT) manufacturer is starting up production at the former Columbia Falls, Montana, facility that Plum Creek Timber Co., and Weyerhaeuser had once called home for more than 50 years.
Despite the COVID-19 Pandemic B.C. Tree Planters on Track to Plant 300 Million Seedlings this Summer
In spite of the COVID-19 pandemic and an exceptionally wet spring and early summer, British Columbia tree planters are on track to plant more that 300 million seedlings this year.
Despite Dire Post COVID Predictions New Zealand Home Prices and Sales Activity Grow in June
The Real Estate Institute of New Zealand is reporting that in spite of the COVID-19 pandemic and the predictions of a decline in housing values and sales, in June housing prices increased nationally 9.2%, while sales volume grew by 7%.
Consumer Price Indices Rise in June
The Bureau of Labor Statistics (BLS) is reporting that after three continuous months of declines, the Consumer Price Index (CPI) and “Core” CPI rose 0.6% in June, on a seasonally adjusted basis, as the U.S. economy reopened.
Over 50% of All Home Sales Involved in a Bidding War in June
According to data from Redfin, the Seattle based real estate brokerage, more than half of the offers for homes on their website were part of a bidding war for the second month in a row in June.