According to the National Association of Home Builders (NAHB)/Well Fargo Housing Opportunity Index (HOI), housing affordability held steady at its lowest level in nearly a decade. This occurred as higher home prices offset lower mortgage rates to keep the affordability rate flat in Q3 of 2021.
Wood Markets News
Mortgage Delinquencies Decline in Q3 of 2021
According to the Mortgage Bankers Association’s (MBA) latest National Delinquency Survey (NDS), the delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjust rate of 4.88% of all loans outstanding in Q3 of 2021. The delinquency rate was down 59 basis points from Q2 of 2021 and down 277 basis points from one year ago.
Fire at West Fraser’s WestPine MDF Log Yard north of Quesnel, B.C. Destroys a Large Number of Logs
A fire was reported at the West Fraser WestPine MDF log yard, just north of Quesnel, B.C., on Tuesday (11-9-21) at 2:30 PM. Heavy smoke was seen billowing into the cemetery as firefighters were up against very windy conditions. Observers on the scene estimated that thousands of logs were on fire.
HS Timber Group and Forestcape Partner to Build a New Sawmill in Gobernador Virasoro, Argentina
HS Timber Group, along with its Belgian joint-venture partner Forestcape, has announced their intention to build a new sawmill in Gobernador Virasoro, Argentina. The investment will amount to approximately $100 million. The Argentinian joint-venture operates under the name Acon Timber.
KPA Unicon to Invest in Modernization of Existing Boiler Plant at Timber Sawmill in Keitele, Finland
A large-scale modernization investment in an existing boiler plant at the Keitele Timber sawmill located in Keitele, Finland had been agreed upon by KPA Unicon and Keitele Energy. The investment is in cleaner energy production and modernization of the plant’s automation and other systems.
Home Prices Increase for Sixth Consecutive Month in September
According to the Radian Home Price Index (HPI) data released earlier in the month by Red Bell Real Estate, LLC, a Radian Group Company Inc., U.S. home prices in September appreciated at an annualized 17.6% from the month of August. This marks the sixth consecutive month of reporting an all-time record month-over-month rate.
Mortgage Applications Increased 5.5% in the Week Ending November 5, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS) for the week ending November 5, 2021, the Market Composite Index, a measure of mortgage loan application volume, increased 5.5 percent on a seasonally adjusted basis from one week earlier.
Consumer Price Index Increases 0.9% in October and 6.2% Year-Over-Year
The U.S. Bureau of Labor Statistics (BLS) reported on Wednesday (11-10-21) that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.9% in October on a seasonally adjusted basis after rising 0.4% in September. Over the past 12-months, the all-item index has increased 6.2% before seasonal adjustment.
Mortgage Rates Fall Back Below 3% in the Week Ending November 10, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending November 10, 2021. The PMMS reports that the 30-year fixed-rate mortgage averaged 2.98% with an average 0.7 point, down from last week when it averaged 3.09%.
Weekly Jobless Claims Decline Further in the Week Ending November 6, 2021
The U.S. Department of Labor is reporting that an additional 267,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday November 6, 2021 — a decrease of 4,000 from the previous week’s revised level. This is the lowest level for initial job claims since March 14, 2020, when it was 256,00.