The U.S. Bureau of Labor Statistics (BLS) reported on Thursday (2-10-22) that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6% in January on a seasonally adjusted annual basis. Over the past 12-months, the all-item index has increased 7.5% before seasonal adjustment—the largest 12-month increase since the period ending February 1982.
Wood Markets News
Mortgage Rates Accelerate in Week Ending February 10, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending February 10, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 3.69% with an average 0.8 point, up from last week when it averaged 3.55%. A year ago, at this time, the 30-year FRM averaged 2.73%.
Weekly Jobless Claims Decreased in the Week Ending February 5, 2022—The Third Consecutive Weekly Drop
The U.S. Department of Labor is reporting that an additional 223,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, February 5, 2022. This is a decrease of 16,000 from the previous week’s revised level. The 4-week moving average was 253,250.
Mortgage Delinquency Rate Declines in Q4 and Year-Over-Year in 2021
The Mortgage Bankers Associations (MBA) released today (2-10-22) the results of their National Delinquency Survey (NDS) for Q4 2021. According to the NDS, the delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 4.65% of all loans outstanding at the end of December.
Georgia-Pacific Announces $20 Million Investment in Alcolu, South Carolina OSB Mill
Georgia-Pacific has announced that it will be investing $20 million in its Alcolu, South Carolina OSB mill. The project’s focus will be to add on a third strander onto the facility. A strander is on the green-end of the facility, or where the logs enter the process. Once the logs are debarked, they go into the strander, which processes the wooden flakes used in the OSB process.
U.S. Wood Pellet Exports Up Month-Over-Month and Year-Over-Year in December 2021
According to data released on Tuesday, February 8, 2022, by the United States Department of Agriculture’s (USDA) Foreign Agricultural Service, the U.S. exported 774,410.2 metric tons of wood pellets in December. This up from 764,259.6 metric tons in November, and up 564,826.2 metric tons in December 2020.
Housing Market Sizzles in January 2022, Well Above Typical Winter Activity
According to realtor.com®’s monthly housing report released on Tuesday (2-8-22), the typical U.S. home sold faster in January 2022 than in any other January on record. The report notes that the housing market remains “unseasonably hot” over the typically slower winter months. In January, the typical U.S. home spent 61 days on the market before being sold.
Mortgage Applications Drop in Week Ending February 4, 2022
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending February 4, 2022, the Market Composite Index (a measure of mortgage loan application volume) decreased -8.1% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index declined -6.0% compared with the previous week.
In Oregon, Timber Industry and Environmental Groups Join Forces in Support of the “Private Forest Accord”
The Private Forest Accord, which is currently being considered by the state’s legislature, is a compromise deal on logging rules, which expands no-harvest buffers and makes other management changes. The bill also would strengthen rules for roads to ensure they do not obstruct fish passage and does not increase sediment in streams.
Consumer Credit Expands During All of 2021
On Monday (2-7-22), the Federal Reserve released their G.19 report for 2021. According to the report, with further analysis provided by the National Association of Home Builders, in 2021, consumer credit increased 5.9%, with revolving and nonrevolving credit increasing 6.6% and 5.7%, respectively. During Q4, consumer credit increased at a seasonally adjusted annual rate of 6.6%.