Zillow reported that America’s housing stock continues to grow faster than it did before the pandemic-induced housing frenzy, as builders race to fill a shortage.
Wood Markets News
US National Interagency Fire Center Wildfire Update as of Monday October 21st
As of Monday, October 21st, wildland fire activity continues in 11 states where 30 large active wildfires have burned 1,117,707 acres.
Mass Timber Apartment Tower Completed in Paris
A new 50-meter (165 feet) apartment building taking its place as one of the first wood towers to grace a European skyline, Wallpaper reported.
US Housing Starts, Building Permits, and Completions Decline in September
Housing starts in September were at a seasonally adjusted annual rate of 1,354,000, 0.5% below the August estimate of 1,361,000.
San Group Curtailing Its Large-Log Sawmill and Value-Added Manufacturing Plant in BC Due to Log Shortage
The San Group is temporarily shutting down its large-log sawmill and value-added manufacturing plant in Port Alberni, BC, the Times Colonist reported.
Joint Center for Housing Studies Projects US Remodeling Will Return to Growth in 2025
After a mild pullback over the previous year, spending for improvements and repairs on owner-occupied homes is set to expand once again by the middle of 2025, JCHS reported.
Pending Home Sales Increase in September
Pending home sales jumped 2.5% month-over-month in September on a seasonally adjusted basis, the largest increase since January 2023, Redfin reported.
US Residential Acquisition, Development, and Construction Loans Decline in Q2
A NAHB analysis of FDIC data shows the volume of total outstanding AD&C loans during Q2 posted the largest year-over-year percentage decline since 2012.
US Builder Confidence Trends Higher in October
The NAHB/Wells Fargo Housing Market Index rose 2 points in October, the second consecutive increase.
Fannie Mae Economic and Strategic Research Group Releases Revised Economic Outlook
According to the ESR Group, the economy now appears to be on firmer footing than previously thought.