The National Association of Home Builders (NAHB) / Wells Fargo Housing Market Index (HMI) is reporting that builder confidence in the market for newly built single-family homes declined 1-points to a reading of 80 in July. This is its lowest level since August of 2020.
Wood Markets News
Treasury Yields Start the Week of July 19, 2021 Lower
On Monday, the yield on the benchmark 10-year Treasury note fell 11 basis points to 1.189% (its lowest level in five months) at around 4:00 p.m. ET. The yield on the 30-year Treasury bond slid 11 basis points to 1.82%.
Mortgage Credit Availability Tightens in June
According to Mortgage Bankers Association (MBA) Mortgage Credit Availability Index (MCAI), which analyzes data from the Ellie Mae’s AllRegs® Market Clarity® business information tool, mortgage credit availability decreased in June. The MCAI fell by -8.5% to 118.8 in June.
British Columbia’s Wildfire Service Facing Over 300 Wildfires Currently Burning Across the Province
British Columbia’s Wildfire Service resources are being stretched to the max, as more than 300 wildfires burning across the province. As a result, the Wildfire Service said it is prioritizing fires that threaten lives and property, while at the same time prioritizing the safety of its crews.
Carbotech Group Acquires Autolog
Carbotech Group, a company that specializes in operational efficiency for the sawmill industry, with an emphasis on log and lumber handling, has announced that it has acquired Autolog, a company that specializes in wood process optimization and automation.
Oregon Wildfires Destroy Homes and Businesses and Force Hundreds to Evacuate
Drought-parched timber and brush lands, the result of record-breaking temperatures and dry and windy weather in south-central Oregon, have been the fuel source for a swiftly spreading wildfire that on Wednesday was in its ninth day. Only 5% around the perimeter is contained. The so-called Bootleg fire has burnt through more than 212,000 acres and has destroyed 21 homes and 54 other structures.
Canadian Home Prices in June Continued to Fall from March’s Record-Setting Level
Data released on Thursday (7-15-21) by the Canadian Real Estate Association (CREA) reports that home sales have fallen for three consecutive months, after setting an all-time record high in March 2021. The price of the average Canadian home that sold in June was $679,000, an increase of 25% in the past year.
University of Michigan’s Consumer Sentiment Index Drops to 5-month Low in July’s Preliminary Report
The University of Michigan today (Friday 7-16-21) released its preliminary Consumer Sentiment Index (CSI) for July. Concerns about rising prices has led to a sharp drop in buying conditions for ‘big-ticket’ items and resulted in the decline. The CSI fell to a five-month low to a reading of 80.8 from 85.5 in June. Consumers expect inflation to rise 4.8% over the next year, the highest since August 2008.
Canadian Homes Sales Decline for Third Consecutive Month in June
Data released today (7-15-21) by the Canadian Real Estate Association (CREA) reports that Canadian national home sale decreased -8.4% between May and June 2021. This marks the third straight monthly decline since activity hit an all-time record in March 2021. While sales are now down a cumulative -25% from their peak, and below every other month in the last year, June transactions still managed to set a record for that month.
Setra Group Announces Investment in New Saw Line for Small Diameter Logs at their Skinnskatteberg Mill
Setra Group, one of Sweden’s largest wood products companies with eight sawmills and three processing plants, announced on Tuesday (7-13-21) that they were investing in a new saw line for small diameter logs at their facility in Skinnskatteberg. The investment will provide major efficiency improvement and increase resource utilization.