The Daily Buzz

After posting four consecutive monthly declines on rising mortgage rates and worsening affordability conditions, new home sales posted a solid gain in May as some buyers rushed into the market in advance of the Federal Reserve’s June interest rate hike. Sales of newly built, single-family homes in May increased 10.7 per cent to a 696,000
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Text messages. Mailers. Cold calls. Over the past two years, homeowners have been bombarded with inquiries from investors who want to know one thing: Are they open to selling their property? Since the onset of the Pandemic Housing Boom, investors have flooded the U.S. housing market. There are small players, like mom-and-pop landlords and Airbnb
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Shares of Boise Cascade Co. BCC, -10.69% tumbled 10.9% toward and eight-month low, and of Louisiana-Pacific Corp. LPX, -3.22% slid 4.9% toward a 15-month low, after BofA Securities downgraded the wood products makers to neutral from buy, citing a “more bearish” view on new home demand and has wood prices have dropped sharply. Analysts George
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  A ‘for sale’ sign hangs in front of a home on June 21, 2022 in Miami, Florida. According to the National Association of Realtors, sales of existing homes dropped 3.4% to a seasonally adjusted annualized rate of 5.41 million units. Sales were 8.6% lower than in May 2021. As existing-home sales declined, the median
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  Getty Images For homeowners, big projects and purchases may be another casualty of rampant inflation, new research suggests. Overall, 60% of homeowners in a recent survey are less comfortable making large purchases for their home or household because of rising prices, according to Hippo Insurance’s 2022 Homeowner Preparedness Report. And 43% either strongly (14%)
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istock.com/Luckie8 WASHINGTON — Rising interest rates and ongoing building material supply chain disruptions that raise construction costs continue to act as significant headwinds against housing starts, according to the National Association of Home Builders. Overall housing starts fell 14.4% to a seasonally adjusted annual rate of 1.55 million units in May from an upwardly revised
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  The Federal Reserve raised its target federal funds rate by 0.75 percentage points, the largest increase in nearly three decades, at the end of its two-day meeting Wednesday in an effort to quell runaway inflation. “The motivation for all of this is that prices are going up,” said Chester Spatt, a professor of finance at Carnegie
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Lumber prices hit a nine month low as borrowing costs surge.Carolyn Cole/Getty Images Lumber prices are spiraling as red-hot house prices and the rising cost of mortgages is hitting affordability. Nearly 80% of National Housing Survey respondents reported now is the worst time to buy a home. It’s set to worsen as Americans foresee their
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Lumber prices can’t catch a break, having dropped another 4% on Wednesday to hit their lowest level in nine months. The orderly decline in lumber prices, which have declined in nine of the last 11 weeks, comes as mortgage demand for homes falls to its lowest level in 22 years. That weakness has been driven
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Central Alberta’s lumber industry has had an interesting ride lately. Soaring lumber prices boosted profits but the industry also faced a range of challenges — from B.C.’s floods and the pandemic to supply chain and transportation issues. Area representatives for lumber giant West Fraser provided Rocky Mountain House town council an update on the company’s
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