According to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index (9-28-21), which covers all nine U.S. Census divisions, home prices experienced a 19.7% annual gain in July 2021, up from 18.7% in June.
Wood Markets News
Forbearance Rate Finally Dips to Pre-pandemic Levels in Week Ending September 19, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 4 basis points from 3.00% of servicers’ portfolio volume in the prior week to 2.96% as of September 19, 2021. According to MBA’s estimate, 1.5 million homeowners are in forbearance plans.
The Conference Board Reports Consumer Confidence Index Declined for Second Consecutive Month in August
The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today (9-28-21) their Consumer Confidence Index® (CCI) for September 2021. The CCI declined in September, following decreases in both August and July. The Index now stands at 109.3 (1985=100), down from 115.2 in August.
Hurricane Ida’s Winds Inflict an Estimated $300 Million of Damage to Louisiana Timber Industry
Economist Kurt Guidry estimates that about half of $584 million dollars in losses was damage done to the timber industry, which is Louisiana’s top-grossing ag commodity. Over 168,000 acres were affected by the hurricane’s winds, causing an estimated $300 million in damage.
Swedish Wood Manufacturer VIDA Investing 10 Milliion Euros in 6 Valutec Continuous Kilns
VIDA, a global supplier of manufactured wood products from sustainable Swedish forests, has announced that it is investing over 10 million Euros in Valutec continuous kilns that will be installed at 6 of the group’s sawmills.
65 Large Wildfires Continue to Burn Across the U.S. with Only 1 Listed as Contained
The National Interagency Fire Center reported today (9-27-21) there are 65 large wildfires burning nationally on over 3,154,071 acres. Two new large fires were being reported on Sunday (9-26-21), with one located in Oklahoma and the other in Texas.
Real Estate Values Moved Significantly Higher in Q2 of 2021
According to the latest Federal Reserve Z.1 Financial Accounts of the United States (i.e., the “Flow of Funds”) with analysis provided by the National Association of Home Builders, in Q2 of 2021 the aggregate market value of all owner-occupied real estate in the U.S. registered its largest quarterly increase in the past 21 years of data.
Housing Affordability Slips Further in Q3 of 2021
According to ATTOM™ Data Solutions, the Irvine, California-based nationwide provider of property data, the sharp and continued rise in property values continues to thwart the average wage earner in the U.S. ability to purchase a single-family home.
Port Congestion Continues to Create Major Pinch-Points in the Supply Chain
According to Freightwave.com and American Shipper, as of Tuesday (9-21-21) there were approximately 70 container ships loaded with cargo waiting at anchor or drifting off the ports of Los Angeles and Long Beach. While the numbers fluctuate from day to day, there were 70 container ships in the queue on Monday with total capacity of 432,909 twenty-foot equivalent units.
New Residential Single-Family Home Sales Up Month-Over-Month but Down Year-Over-Year in August
On Friday (9-24-21), The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced that new residential single-family home sales for August 2021 were at a SAAR of 740,000, according to estimates. This is 1.5% above the revised July rate of 729,000 but is -24.3% below the August 2020 estimate of 977,000.