The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 27 basis points from 2.89% of servicers’ portfolio volume in the prior week to 2.62% as of October 3, 2021. According to MBA’s estimate, 1.3 million homeowners are in forbearance plans.
Wood Markets News
Job Opening and Labor Turnover Survey Released for August 2021
The U.S. Bureau of Labor Statistics (BLS) today (10-12-21) reported its Job Opening and Labor Turnover Survey (JOLTS) for August 2021. According to the JOLTS report, as of the last business day in August, the number of job openings declined to 10.4 million following a series record high of 10.9 million in July.
Canada’s Sustainably Managed Forests Key to its Net-Zero Carbon Economy by 2050
According to the Forest Products Association of Canada, as Canada transitions to a net-zero carbon economy by 2050, Canada’s sustainably managed forests and the carbon-storing wood products they produce are providing key support to accomplishing that goal. Canada’s forest sector has already reduced its greenhouse gas (GHG) emissions by close to 70 percent since the early 1990’s.
Commercial and Multifamily Mortgage Delinquency Rates Declined Slightly in September
According to the latest Mortgage Banker Association’s CREF Loan Performance Survey, delinquency rates for mortgages backed by commercial and multifamily properties declined slightly in September. The survey indicated that 96.7% of outstanding loan balances were current, up from 96.6% in August 2021.
Good Time to Buy a Home? Good Time to Sell a Home? Opinions Vary
The Fannie Mae Home Purchase Sentiment Index® (HPSI) declined 1.2 points in September to a reading of 74.5. This occurred as survey respondents continue to report opposing opinions of homebuying and home-selling market conditions.
Canadian Employment Increased and Unemployment Declined for the Fourth Consecutive Month in September
Statistics Canada reported today (10-8-21) that employment increased for the fourth consecutive month in September, rising by 157,000 (+0.8%). Employment gains in September were concentrated in full-time work and among people in the core working age group of 25 to 54.
Total Nonfarm Payroll Increases by 194,000 in September; Unemployment Drops to 4.8%
The U.S. Bureau of Labor Statistics (BLS) reported today (10-8-21) that total nonfarm payroll employment increased by 194,000 in September. This follows an increase of 235,000 in August, a revised 1.1 million in July, and a revised 962,000 increase in June. Nonfarm payroll employment has increased by 17.4 million since April 2020 but is down by -5.0 million, or -3.3%, from its pre-pandemic level in February 2020.
Sierra Pacific Industries Completes Acquisition of Seneca
Sierra Pacific Industries (SPI), the Anderson California-based forest products company, announced last week that it has completed its acquisition of Seneca, a Eugene Oregon-based company that, prior to the acquisition, had about 400 employees and owned about 167,000 acres of timberlands.
BID Group Selected to Deliver New Sawmill at Georgia-Pacific’s Pineland, Texas Operation
The BID Group, one of the largest integrated suppliers to the wood processing industry and the North American leader in the field, has received an order from Georgia-Pacific to deliver a new sawmill at its Pineland, Texas operation. The new sawmill will replace the existing stud sawmill.
Softwood Logs Shipping Off of Kangaroo Island to Support South Australia’s Booming Housing Industry
Help to support Australia’s booming housing construction industry will soon be on its way. Up to 60,000 tons of softwood logs, some of them bushfire-affected, will soon be shipping off of Kangaroo Island.