On Monday (11-8-21), the Alberta provincial government approved the renewal of Tolko Industries’ 272,441-hectare forest management area (FMA) near High Prairie. The renewal allows Tolko to harvest Crown timber from the FMA for the next 20 years.
Wood Markets News
Fannie Mae’s Home Purchase Sentiment Index Increases Modestly in October
On Monday (11-8-21), Fannie Mae released their Home Purchase Sentiment Index (HPSI) for October. The October HPSI increased one point to a reading of 75.5, with consumers expressing mixed feeling on the current homebuying and home selling markets. In addition, a good majority of those polled felt pessimistic toward the overall financial landscape of the U.S. economy.
NFIB’s Small Business Optimism Index Moves Lower in October
The National Federation of Independent Business (NFIB), one of the largest small business associations in the U.S., reported today (11-9-21) that their NFIB Small Business Optimism Index dropped -0.9 points to a reading of 98.2 in October. The NFIB Uncertainty Index dropped -7 points to a reading of 67, the lowest level since January 2016.
Mortgage Credit Availability Increased Slightly in October
The Mortgage Banker Association (MBA) today (11-9-21) released their Mortgage Credit Availability Index (MCAI), which analyzes data from Ellie Mae’s AllRegs® Market Clarity® business information tool, for October. According to the MBA, the MCAI rose 0.1% to 125.7.6 in October. Increases in the index are indicative of loosening credit.
The Fed Says China’s Real Estate Issues Could Impact the U.S.
On Monday (11-8-21), the U.S. Federal Reserved released its latest Financial Stability Report (FSR), which is released twice a year. In the report, the Fed said, “Stresses in China’s real estate sector could strain the Chinese financial system, with possible spillovers to the United States.” The report pointed to the size of China’s economy and financial system, and global trade links.
Producer Price Index for Final Demand Increases 0.6% in October
The Bureau of Labor Statistics (BLS) reported today (11-9-21) that the Producer Price Index (PPI) for final demand, seasonally adjusted, increased 0.6% in October. Final demand prices previously rose 0.5% in September and 0.7% in August.
Shares of Loans in Forbearance Continued to Decline in the Week Ending October 31, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 9 basis points from 2.15% of servicers’ portfolio volume in the prior week to 2.06% as of October 31, 2021. According to MBA’s estimate, 1 million homeowners are in forbearance plans.
Black Hill Forest Logging Levels to be Reduced
In an interview held on Friday (11-5-21) with South Dakota Public Broadcasting’s daily public-affairs show, In the Moment, hosted by Lori Walsh, the leaders of the Black Hills National Forest announced that after several years of debate about sustainability in the forest, they plan to reduce logging levels.
Google Using British Columbia Knowhow to Build First Mass-Timber Office in Sunnyvale, California
Google, the global technology giant, has engaged Vancouver, British Columbia-based Michael Green Architecture to serve as the lead designer on their first ever mass-timber office in Sunnyvale, California. The five-story, 182,000 square-foot-facility is scheduled for completion in 2022.
Consumer Credit Expands in Q3 2021
On Friday (11-5-21), the Federal Reserve released their G.19 report for Q3 2021. With further analysis provided by the National Association of Home Builder (NAHB), the report shows that non-real estate-secured consumer credit increased at a seasonally adjusted annual rate (SAAR) of 5.6% in Q3 of 2021, with revolving debt increasing by 7.4% and nonrevolving debt increasing by 5.1%.