The U.S. Department of Labor is reporting that an additional 2.438 million Americans made their initial filing for unemployment benefits during the week ending on Saturday, May 16th.
Wood Markets News
China’s Plywood Export Plunge in First Quarter of 2020
China’s plywood exports for first quarter of 2020, when compared to the same period in 2019, suffered a loss of 85% in volume and 82% in value.
Canfor Corporation Announces Permanent Closure of Isle Pierre Mill in 3rd Qtr. of 2020
Canfor Corporation has announced its intention to permanently close their Isle Pierre sawmill sometime in the 3rd Qtr. of this year.
Canadian Inflation Level Moves into Negative Territory – First Time Since 2009
According to Statistics Canada, Canada’s annual inflation rate fell by 0.2% in April, moving into negative territory for the first-time since 2009.
Canadian Home Prices Experience Strong Gains in April
In April, home prices in Canada increased at a greater pace than typical for the month. Led by sales in the metropolitan markets of Ottawa-Gatineau and Toronto areas.
Mortgage Rates Continue to Hold Steady
The Freddie Mac Primary Mortgage Market Survey for the week ending May 21st, 2020 shows that 30-year fixed-mortgage rate averaged 3.24% percent with an average 0.7 point, down from last week when it averaged 3.28%.
Existing Home Sales Tumble 17.8% in April
he National Association of Realtors® is reporting that total existing-home sales declined -17.8% from March, to a seasonally-adjusted annual rate of 4.33 million in April.
Katerra Inc. Announces C-Suite Management Changes and the Securing of an Additional $200 million in Funding
Katerra Inc. has announced changes to its C-Suite management team, and the securing of $ 200 million in additional funding from SoftBank Group’s Vision Fund.
Custom Home Building Posts Modest Gains in First Quarter of 2020
A deeper dive into the U.S. Census Bureau’s Quarterly Starts and Completion by Purpose and Design report reveals that custom home building posted a small increase during the first quarter of 2020.
22% of Builders Nationwide Cut Prices in April 2020
According NAHB Housing Market Index, about 22% of builders nationwide cut their home prices, approximately 5%, in April, trying to rejuvenate sluggish sales and avoid cancellations.