The 30-year fixed-rate mortgage averaged 7.03%, up from last week when it averaged 6.94%, Freddie Mac reported.
Wood Markets News
US Real GDP Increases at an Annual Rate of 1.3% in Q1, BEA Reports in Its “Second” Estimate
Real GDP increased at an annual rate of 1.3% in Q1, following an increase of 3.4% in 2023Q4.
Prince Edward Island Tree Nursery Struggling to Meet Demand for Post-Tropical Storm Fiona Recovery
Since post-tropical storm Fiona’s destruction of nearly 32,000 hectares of forestland in 2022, requests for trees have “increased a great deal,” and the provincial tree nursery is trying to keep up, CBC News reported.
Price Reductions on Existing US Homes For Sale Hit 18-Month High
In the four-week period ending May 26th, an average of 6.4% of home sellers cut their asking price, the highest share since November 2022, Redfin reported.
US Pending Home Sales Drop 7.7% in April
The National Association of Realtors Pending Homes Sales Index fell 7.7% month-over-month, dropping to a reading of 72.3.
US Weekly Jobless Claims Edge Higher in the Week Ending May 25th
The advance figure for seasonally adjusted initial unemployment claims was 219,000, an increase of 3,000 from the previous week.
Canadian Payroll Employment and Job Vacancies Data for March
The number of employees receiving pay and benefits increased 0.3% in March, or 51,400 positions, following an increase of 0.1%, or 14,600, in February.
Paper Excellence Canada and Nova Scotia Reach Settlement on Shuttered Northern Pulp Mill
The settlement acknowledges plans to transform and reopen Northern Pulp Nova Scotia in Pictou will not proceed and provides for a review process to determine whether a new, modern mill in Nova Scotia is viable.
BC’s Chief Forester Reduces Allowable Annual Cut for Part of Southern Vancouver Island
The new AAC for TFL 46 is 360,000 cubic meters, a 5.5% reduction from the previous AAC set in 2012.
Isojoen Saha Announces Significant Investment in Its Isojoki, Finland, Sawmill
Finland’s Isojoen Saha announced on Friday that it will build a new main sawmill line. The investment is one of the largest in the company’s 74-year history.