WHAT IS LURKING AROUND THE CORNER FOR THE LUMBER MARKET?
It is always good to beat expectations, precisely what occurred this week with September’s New Home Sales. September New Home Sales exceeded the mid-pint consensus level of 585K, coming in at 603K. Hip, hip, hooray! Let’s defer talking about the declining month-over-month level by comparing August’s revised 677K (previously 685K) to this month’s mark, as that would be a bit too scary. With mortgage rates pushing above 7% this week, it will be interesting to see what is lurking ahead as we enter what could very well be a cold-dark winter for the housing sector.
Enough with the bearish tone, as let’s close out the week and month of October and get you up to date on the happenings in the place I like to call: ‘The Wonderful World of Wood”. Enjoy…