Dealers reported another week of steady to sneaky strong sales. Dealers are very encouraged by the uptick in May’s Housing Starts and Permits.
Wood Markets News
42% of COVID-19 Pandemic Home Buyers Ended Up in a Bidding War
According to a new study conducted by Clever, 42% of homeowners who made a purchase during the time period of January and May this year have ended up in a bidding war.
Weekly Jobless Claims Decline Modestly for Week Ending June 13th
The U.S. Department of Labor is reporting that an additional 1.508 million Americans made their initial filing for unemployment benefits during the week ending on Saturday June 13th.
Mortgage Rates Drop to a New Record Low
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending June 18th, 2020.
HUD Extends Foreclosure and Eviction Moratorium Through August 31st 2020
The HUD announced on Wednesday (6/17) that the Federal Housing Administration is providing a two-month extension of its foreclosure and eviction moratorium through August 31st, 2020.
Canfor Announces Vida Group, a Subsidiary, to Acquire 3 Sawmills from Bergs Timber in Sweden
Canfor Corporation announced on Wednesday 6-17, Vida Group, has entered into an agreement to purchase three sawmills located in Sweden from Bergs Timber for a purchase price of CAD$43 million plus working capital.
Ravi Kahlon to Lead British Columbia’s Expansion of Mass Timber Usage
John Hogan, in a call with representatives of COFI announced the appointment of Ravi Kahlon, to lead the expansion and use of mass timber in B.C. buildings.
Georgia Legislature Takes Steps to Allow Mid-Rise Buildings Constructed of Mass Timbers
The Georgia Assembly on Tuesday (6/16) cleared the way for builders and developers to construct mid-rise buildings built mostly of wood.
May Housing Starts & Strong Building Permits Point to Better Building Times Ahead
The U.S. Census Bureau is reporting that Privately-owned housing starts in May were at a seasonally adjusted annual rate of 974,000.
Mortgage Applications Increase in Week Ending June 12th 2020
According to data from the MBA Weekly Mortgage Application Survey, for the week ending June 12th, 2020, the Market Composite Index, increased 8.0% on a seasonally adjusted basis from one week earlier.