According to the new monthly Mortgage Bankers Association’s (MBA) Loan Monitoring Survey (LMS), the total number of loans now in forbearance decreased by 4 basis points, from 0.855% of servicers’ portfolio volume in the prior month to 0.81% as of June 30, 2022.
Wood Markets News
Nationwide Class 1 Freight Railroad Strike Averted; Presidential Emergency Board Created
On Friday, President Joe Biden signed an executive order to establish a Presidential Emergency Board (PEB) to handle an ongoing dispute between the country’s seven major Class 1 freight railroads and their unions over a new labor agreement. The formation of the PEB helped to avert a potential strike that was scheduled to start on Monday.
Canadian Housing Starts Trend Higher in June
According to the latest release from the Canadian Mortgage and Housing Corporation, the trend in housing starts increased from 252,444 units in May to 258,295 units in June, an increase of 5,851 units. This trend measure is a six-month average of the monthly seasonally adjusted annual rate of housing starts in Canada.
Builder Confidence Plummets 12 Points in July
The National Association of Home Builders/Wells Fargo Housing Market Index reported today that builder sentiment in the market for newly built single-family homes tumbled 12 points lower in July to a reading of 55. This marks the seventh consecutive month of declines, and with the exception of April 2020, is the lowest reading since June 2020.
Canadian Home Sales Decline in June, Just as Listings of New Homes For Sale Increase
The Canadian Real Estate Association reported on Friday that home sales recorded on the Canadian MLS® Systems fell by 5.6% between May and June 2022. Year-over-year, the actual (not seasonally adjusted) number of transactions in June 2022 came in 23.9% below June 2021 levels.
U.S. National Interagency Fire Center Wildfire Update for July 18, 2022—6 New Wildfires Reported
The U.S. National Interagency Fire Center reported on Monday that the total number of large wildfires and complexes currently burning in the U.S. has increased to 89, with more than 3,100,941 acres across 12 different states are now ablaze. Six large new wildfires have been reported within the past 24-hours.
Nieman Enterprises Announces Reduction in Production at Its Hulett & Spearfish, South Dakota, Sawmills
A lack of available timber from the Black Hills National Forest has prompted South Dakota-based Neiman Enterprises to announce that it was eliminating a shift at its Devils Tower Forest Products sawmill facility, which is located in Hulett, and was reducing hours at its Spearfish sawmill as well.
LP Building Solutions Breaks Ground on a New LP SmartSide ExpertFinish Facility in Bath, New York
On Tuesday morning, LP Building Solutions (LP) broke ground on a new LP® SmartSide® ExpertFinish® facility on 75 acres in the town of Bath, New York. The facility is expected to be operational by Q3 of 2023.
World’s Tallest Mass Timber Structure, Ascent Tower, Officially Opens in Milwaukee, Wisconsin
A historic milestone in the use of mass timber as a construction material was passed on Friday, when Korb + Associates Architects’ Ascent Tower officially opened in Milwaukee, Wisconsin. The Ascent Tower is 25 stories, a total of 86.6 meters, or 284 feet, tall.
Number of Homes Available for Sale in June Increases by 2%, Redfin Says
Redfin is reporting that the number of homes for sale nationwide increased by 2% in June—the first annual increase since July of 2019. Year-over-year, home sales have declined nearly 16%—the largest decline since May of 2020.