Many dealers are reporting that their May sales are better than they had initially estimated. The same holds true for April’s overall housing data.
Wood Markets News
Weekly Jobless Claims Rise Another 2.123 Million for Week Ending May 23rd
The U.S. Department of Labor is reporting that an additional 2.123 million Americans made their initial filing for unemployment benefits during the week ending on Saturday May 23rd.
Pending Homes Sales Tumble 21.8% in April
The National Association of Realtors® (NAR) has reported Pending Homes Sales Index (PHSI) declined -21.8% to 69.0 in February.
Mortgage Rates Hit Another All-Time Low
Housing starts, sales and prices are all expected to plunge until a recovery, which is expected to start sometime in mid-2021, gets underway.
Mortgage Rates Return to a Nearly a 50-year Low
The Primary Mortgage Market Survey shows that 30-year fixed-mortgage rate averaged 3.15% with an average 0.8 point, down from last week when it averaged 3.24%.
Nonfarm Payroll Employment Drops in April – Construction Industry Loses Almost a Million Jobs
According to the Bureau of Labor Statistics, nonfarm payroll employment dropped in all 50 states and the District of Columbia, in April 2020.
Cleveland Ohio to Have Tallest Timber-Frame Building in the U.S.
Chicago-based Harbor Bay Real Estate Advisors LLC. is pressing forward with its plan to construct what will be the tallest timber-frame building in the U.S.
Canfor Updates B.C. Mill Curtailments and Closures
Canfor Corporation has offered an update on recent mill curtailments and closures.
West Fraser Announces Most Lumber and Panel Mills Returned to Full Operations in May
West Fraser has announced that during the month of May, they have successfully resumed full capacity lumber and plywood production at all but a few facilities.
Russian Log and Lumber Export Volumes Down, Plywood Up in First Quarter
Russian forest product exports mostly down during the first quarter of 2020.