A new report by the Harvard Joint Center for Housing Studies says the strength of the remodeling market has been supported by aging homes and households, as well as record-high property values.
Wood Markets News
US Residential Construction Loan Volume Falls in Q4
The total volume of AD&C loans outstanding from FDIC-insured institutions fell 1.02% to $490.7 billion, the third straight quarterly decline, NAHB reported.
China’s Struggling Real Estate Market Moves Closer to Stabilizing
UBS analysts are the latest to raise expectations that China’s struggling real estate market is close to stabilizing, CNBC reported.
Canadian Industrial Product and Raw Materials Price Indices for February
Lumber and other wood product prices declined 1.2%, following six consecutive monthly increases. Softwood lumber was down 3.4%.
US Existing-Home Sales Rise 4.2% in February
Existing-home sales increased 4.2% to a seasonally adjusted annual rate of 4.26 million in February, NAR reported.
US Mortgage Rates Inch Higher in the Week Ending March 20
The 30-year fixed-rate mortgage averaged 6.67%, up from last week when it averaged 6.65%, Freddie Mac reported.
The Conference Board US Leading Economic Index Continues to Move Lower in February
The Conference Board Leading Economic Index declined 0.3% to a reading of 101.1 in February, after a revised decline of 0.2% in January.
US Weekly Initial Jobless Claims Trend Higher in the Week Ending March 15
The advance figure for seasonally adjusted initial unemployment claims was 223,000, an increase of 2,000 from the previous week’s revised total.
Canada Announces Support for British Columbia’s Forest Sector
Canada announced CA$20 million for 67 projects that will help to boost the competitiveness and resiliency of British Columbia’s forest sector.
US Mortgage Applications Decline in the Week Ending March 14
Mortgage loan application volume decreased 6.2% on a seasonally adjusted basis from one week earlier, MBA reported.