Interfor Corporation said today (2-23-22) that it has completed the previously announced transaction to acquire 100% of the equity interests of EACOM Timber Corporation from an affiliate of Kelso & Company. The transaction was effective as of February 22, 2022.
Wood Markets News
Fire at Weyerhaeuser’s Grand Prairie, Alberta Sawmill Under Investigation, but Mill Remains Operational
The fire was located in between the building walls, which made it difficult for firefighters to access the main body of fire. Crews remained on the scene chasing hot spots throughout the day and to make sure the building was safe. According to local news sources the building and the sawmill remains operational.
The Number of Multifamily Rentals Units Under Construction Grows, While Unit Size Hits Two-Decade Low
A closer look at the U.S. Census Bureau’s Quarterly Starts and Completions by Purpose and Design data, with further analysis provided by the National Association of Home Builders (NAHB), reveals that the market share of rental units of multifamily construction starts increased to 94.2% during Q4 2021. In comparison, the historical low was set during Q3 2005.
Mortgage Applications Drop to Lowest Level Since December 2019 in the Week Ending February 18, 2022
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending February 18, 2022, the Market Composite Index (a measure of mortgage loan application volume) decreased -13.1% on a seasonally adjusted basis from one week earlier.
Competition Between Home Buyers Hits Record Level in January 2022
Redfin, the Seattle-based, technology-powered nationwide real estate firm, is reporting that 70% of home offers written up by their agents in January (seasonally adjusted) were involved in a bidding war. That figure is up from 67.7% in December and from 61% in January 2021. In fact, it is the highest share since at least April 2020.
Shares of Mortgage Loans in Forbearance Decline to 1.30% as of January 31, 2022
According to the new monthly Mortgage Bankers Association’s (MBA) Loan Monitoring Survey (LMS), the total number of loans now in forbearance decreased by -11 basis points from 1.41% of servicers’ portfolio volume in the prior month to 1.30% as of January 31, 2022. The MBA estimates that 650,000 homeowners remain in forbearance plans.
Single-Family Home Size Continued to Grow in Q4 2021
According to Q4 2021 data from the U.S. Census Bureau’s Quarterly Starts and Completions by Purpose and Design, and additional analysis provided by the National Association of Home Builders (NAHB), median single-family square foot floor area increased to 2,338 square feet.
U.S. House Prices Increase 17.5% Year-Over-Year
According to the Federal Housing Finance Agency (FHFA) House Price Index® (HPI®), released today (2-22-22), U.S. house prices rose 17.5% from the fourth quarter of 2020 to the fourth quarter of 2021. House prices were up 3.3% compared to the Q3 of 2021. FHFA’s seasonally adjusted monthly index for December was up 1.2% from November.
Consumer Confidence Declines for Second Consecutive Month in February
The Conference Board, a non-partisan, not-for-profit think tank, founded in 1916, released today (2-22-22) their Consumer Confidence Index® (CCI) for February 2022. The CCI decreased slightly in February, after a decline in January. The Index now stands at 110.5 (1985=100), down from 111.1 in January.
U.S. Home Prices Post Annual Gain of 18.8% in 2021
According to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported today (2-22-22) that home prices experienced a 18.8% annual gain in December. This matches the gain in November, but is down from a 19.0% annual gain in October and a 19.7% annual gain in September 2021.