According to the National Association of Home Builders (NAHB) Survey on Acquisition, Development & Construction (ADS&C) in Q3 2021, the effective interest rates increased in all four categories of loans tracked. The Q3 results reversed a general downward trend that has been ongoing since Q3 of 2020.
Wood Markets News
Homes Sales Experience Unusual 6.4% Decline in October
According to the RE/MAX National Housing Report for October 2021, which was released on Thursday (11-18-21), home sales fell -6.4% from September’s totals — nearly double the typical seasonal decline. The report notes that in the month of September home sales experienced near-record sales levels, which certainly contributed to the month-over-month decline.
New Production and Current Occupancy Rates in Existing Multifamily Housing Set Record Highs in Q3 2021
According to the latest National Association of Home Builders (NAHB) Multifamily Market Survey (MMS), sentiment on the production of new and occupancy in existing multifamily housing improved in Q3. The Multifamily Production Index (MPI) increased 5 points from the previous quarter to a reading of 53, while the Multifamily Occupancy Index (MOI) also increased by 5 point to a reading of 75.
Shawmut Design Building 75-Foot Office Building in LA out of Cross-Laminated Timber
Working in conjunction with the Santa Monica, California-based real estate firm Redcar Properties and Portland, Oregon-based architecture and design firm Lever Construction, Boston-based Shawmut Design and Construction is constructing a 75-foot-tall, 125,000 square-foot mixed-use office building in Los Angeles using cross-laminated timber.
Leading Economic Index® for U.S. Climbs Higher in October
The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today (11-18-21) the Leading Economic Index® (LEI) for the U.S. in October. According to the report, the LEI for the U.S. increased by 0.9% in October to 118.3 (2016 = 100), following a 0.1% increase in September and a 0.7% increase in August.
Weekly Jobless Claims Continued to Decline in the Week Ending November 13, 2021
The U.S. Department of Labor is reporting that an additional 268,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, November 13, 2021 — a decrease of 1,000 from the previous week’s revised level. This is the lowest level for initial job claims since March 14, 2020, when it was 256,00.
Weekly Jobless Claims Continued to Decline in the Week Ending November 13, 2021
The U.S. Department of Labor is reporting that an additional 268,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday November 13, 2021 — a decrease of 1,000 from the previous week’s revised level. This is the lowest level for initial job claims since March 14, 2020, when it was 256,00.
Mortgage Rates Climb Back Above 3% in the Week Ending November 18, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending November 10, 2021. The PMMS reports that the 30-year fixed-rate mortgage averaged 3.10% with an average 0.7 point up from last week when it averaged 2.98%. A year ago, at this time, the 30-year FRM averaged 2.72%.
Building Permits Up, Housing Starts and Completions Lower in October
The U.S. Census Bureau reported on Wednesday (11-17-21) that privately‐owned housing starts in October were at a seasonally adjusted annual rate (SAAR) of 1,520,000. This is -0.7% below the revised September rate of 1,530,000 but is 0.4% above the October 2020 rate of 1,514,000. Single-family housing starts in October were at a rate of 1,039,000, which is -3.9% below the revised September figure.
Proposed B.C. Forest Tenure Amendments Aims to Make Major Changes
The B.C. government is moving forward with its far-reaching measures to remake the forest tenure system. The measures include reducing existing company cutting rights, paying compensation, and reassigning logging rights to Indigenous and community forests. It also is requiring transparency by requiring area-based tenure holders to share forest inventory information with the chief forester