The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance remained unchanged relative to the prior week at 3.25% as of August 22, 2021. According to MBA’s estimate, 1.6 million homeowners are in forbearance plans. The share of Fannie Mae and Freddie Mac loans in forbearance remained the same relative to the prior week at 1.66%.
Wood Markets News
The Conference Board Reports their Consumer Confidence Index Declined in August
The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today (8-31-21) their Consumer Confidence Index® (CCI) for August 2021. The CCI declined in August, following a decrease in July (a downward revision). The Index now stands at 113.8 (1985=100), down from 125.1 in July.
85 Wildfires Currently Burning in 10 States Across the U.S. — Only 1 Contained
As of Sunday, the NIFC is reporting 85 large fires and complexes have burned ~2.5 million acres nationally. Only one of those fires is being reported as contained. To help with wildfire suppression, the NIFC has requested a U.S. Department of Defense (DoD) activation of approximately 200 active-duty U.S. Army soldiers.
Pending Home Sales Decline Slightly in July
The National Association of Realtors® (NAR) has reported their Pending Homes Sales Index (PHSI) — which is based on signed real estate contracts, not actual closings, for existing single-family homes, condos, and co-ops — declined -1.8%, in July 2021 to a reading of 110.7. An index of 100 is equal to the level of contract activity in 2001.
Quick Action by Resolute Forest Employees at the Thunder Bay, Ontario Sawmill Limit Fire Damage
Prompt action by employees at the Resolute sawmill wood yard in Thunder Bay, Ontario helped to prevent a fire, caused by mechanical issues, in a large log mover from spreading into the adjacent log stockpile.
Timber Construction as a Potential Significant Carbon Sink?
The United Nations climate change conference — COP26 — is scheduled to begin in Glasgow Scotland on Sunday, October 31, 2021. There will be much to discuss, most notably the findings recently released by the Intergovernmental Panel on Climate Change (IPPC) in its Sixth Assessment Report.
San Group Opens New State-of-the-Art Small Diameter Log Sawmill in Port Alberni on Vancouver Island
The San Group, the Langley, B.C.-based company, is putting the finishing touches on the first new sawmill to be built on the B.C. coast in 15 years. The greenfield sawmill/reman operation is located in Port Alberni, on Vancouver Island. Unlike most mill operations on the B.C. coast, the new Port Alberni sawmill is specifically set up to handle smaller, second growth timber.
Median Home Price Up 16% Year-Over-Year, According to Redfin’s Latest Home Sales Report
Redfin, the Seattle-based technology-powered real estate brokerage, is reporting that in the 4-week period ending Sunday, August 22, 2021, the national median home sales price increased 16% year-over-year to $361,225. During the same period of time, the share of home sellers dropping their price each week rose to 5.1%.
Falling Lumber and Wood Product Prices Cause Canadian Industrial Product Price Index to Decline in July
Statistics Canada (StatsCan) reported today (8-27-21) the Canada’s Industrial Product Price Index (IPPI) declined -0.4% in month-over-month in July but year-over-year was up 15.4%. The Raw Materials Price Index increased for the tenth consecutive month, up 2.2% on a monthly basis in July and was 37.7% higher year-over-year.
Interest Rates on 3 out of 4 Acquisitions, Development, and Construction Financing Loans Declined in Q2
According to the latest National Association of Home Builders (NAHB) Survey on Acquisitions, Development, & Construction (AD&C) Financing, in Q2 of 2021 interest rates on three of the four categories monitored continued on their downward trend that stated in Q3 of 2020.