The Mortgage Bankers Association (MBA) announced today (3-21-22) the results of their latest Commercial/Multifamily Delinquency report. According to the report, commercial and multifamily mortgage delinquencies declined in Q4 2021. MBA’s quarterly analysis looks at commercial/multifamily delinquency rates for five of the largest investor-groups.
Wood Markets News
U.S. Dept. of Commerce Announced on March 9, 2022, that it has initiated the Fourth Administrative Review of Antidumping and Countervailing Duty on Certain Softwood Lumber Products from Canada
The U.S. Department of Commerce has announced that it has initiated the Fourth Administrative Review (AR4) of the antidumping duty (AD) and countervailing duty (CVD) investigations of imports of certain softwood lumber products from Canada.
Existing Home Sales Decline Month-Over-Month and Year-Over-Year in February
The National Association of Realtors® (NAR) reported on Friday (3-25-22) that total existing home sales dropped -7.2% month-over-month in February to a seasonally adjusted rate at 6.02 million homes. Year-over-year, sales are down -2.4% (6.17 million February 2020).
New Home Prices in Canada Increase Month-Over-Month and Year-Over-Year in February
Statistics Canada (StatsCan) reported today (3-18-22) that new home prices in Canada increased 1.1% month-over-month in February. Year-over-year (February 2021 – February 2022), they increased 10.9%. Prices increased in 18 of the 27-census metropolitan areas and were unchanged in 9.
U.S. Home Prices Surge 7% Higher in 4-Week Period Ending on March 13, 2022
Redfin, in a new report released on Thursday (3-17-22), said that the U.S. median home sale price surged 7% during the four-week period ending Sunday, March 13, 2022. That is the largest month-over-month increase on record in Redfin’s data, which goes back through 2017.
U.S. Leading Economic Index® Improves in February 2022
The Conference Board released today (3-18-22) the Leading Economic Index® (LEI) for the U.S. in February 2022. According to the report, the LEI for the U.S. increase by 0.3% in February to 119.6 (2016=100), following a -0.5% decrease in January and a 0.8% increase in December.
New Home Purchase Mortgage Applications Decline Month-Over-Month and Year-Over-Year in February
According to the Mortgage Bankers Association’s (MBA) Builder Application Survey (BAS) for February 2022, mortgage applications for new home purchases declined -3.9% year-over-year. When compared to January 2022, applications decreased by -1.0%. This change does not include any adjustment for typical seasonal patterns.
Canadian Pacific Railway Threatens to Lock Out Employees in Ongoing Labor Dispute
The Canadian Pacific Railway has threatened to lock out employees starting on March 20, 2022, if the union representing train conductors and engineers fails to negotiate a new contract or agree to binding arbitration. CP has been in contract discussions/mediation with the Teamsters Canada Rail Conference since September 2021.
Versowood Group to Purchase Kissakoski Sawmill from Veisto Oy
Versowood Group, Finland’s largest private sawmill and processor, has announced that it has entered into an agreement to purchase the business, equipment, and buildings of the Kissakoski sawmill owned by Veisto Oy. The transaction expected to be completed and close by July 2022.
Housing Starts and Completions Improve Month-Over-Month, but Building Permits Lag in February 2022
The U.S. Census Bureau reported on Thursday (3-17-22) that privately‐owned housing starts in February 2022 were at a seasonally adjusted annual rate (SAAR) of 1,769,000. This is 6.8% above the revised January estimate of 1,657,000 and is 22.3% above the February 2021 rate of 1,447,000.