The Bureau of Economic Analysis (BEA) released today (2-24-22) its “second estimate” of real gross domestic product (GDP) for Q4 2021. BEA reports GDP increased at an annual rate of 7.0%. In Q3 2021, the real GDP increased 2.3%.
Wood Markets News
30- and 15-Year Fixed Mortgage Rates Decline Slightly in the Week Ending February 24, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending February 24, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 3.89% with an average 0.8 point, down from last week when it averaged 3.92%. A year ago, at this time, the 30-year FRM averaged 2.97%.
Weekly Jobless Claims Decline in the Week Ending February 19, 2022
The U.S. Department of Labor is reporting that an additional 232,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, February 19, 2022. This is a decrease of 17,000 from the previous week’s revised level. The 4-week moving average was 236,250.
Interfor Corporation Completes Acquisition of EACOM Timber Corporation
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.
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.