The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 6 basis points from 2.21% of servicers’ portfolio volume in the prior week to 2.15% as of October 24, 2021. According to MBA’s estimate, 1.1 million homeowners are in forbearance plans.
Wood Markets News
Oregon Environmental Groups and Timber Industry Reach Agreement on Overhauling Management of Private Forestlands
Oregon’s Gov. Kate Brown’s office announced on Saturday (10-30-21) that, after a year of negotiations, an agreement has been reached to overhaul the management of 10 million acres of private forestland in Oregon. The new plan will boost protection for vulnerable fish and wildlife while at the same time shielding the timber industry’s ability to log.
Canadian Pacific Railway and Kansas City Southern Railroad Jointly File Railroad Control Application with Surface Transportation Board
On Friday afternoon (10-29-21), the Canadian Pacific Railway Limited (“CP”) and Kansas City Southern (“KCS”) announced they have jointly filed a railroad control application with the Surface Transportation Board (“STB”) regarding the proposed transaction to create Canadian Pacific Kansas City (“CPKC”), the only single-line railroad linking the United States, Mexico, and Canada.
U.S. Construction Spending in September Rose 7.8% Year-Over-Year But Fell Slightly Month-Over-Month
The U.S. Census Bureau has announced on Monday (11-1-21) that total construction spending during September 2021 was estimated at a seasonally adjusted annual rate (SAAR) of $1,573.6 billion, -0.05% below the revised August estimate of $1,582.0 billion.
Brazilian Exports of Wood-Based Products Increased 36% Year-Over-Year in September 2021
According to the International Tropical Timber Organization (ITTO), the value of Brazilian exports of wood-based products (excluding pulp and paper) increased 36% year-over-year in September 2021. The value increased from US$283.2 million to US$385.8 million.
Housing Market Speeding Up — Uncommon for this Time of Year
Redfin, the Seattle-based technology-powered real estate company, is reporting that during the four-week period ending October 28, 2021, one-third of homes sold in that period went under contract within seven days of hitting the market.
Potential Home Buyers’ Perception of Housing Affordability Declines for Third Consecutive Quarter
According to the National Association of Home Builders’ (NAHB) latest Housing Trend Report (HTR), buyers’ perception of home affordability declined further in Q3 of 2021. In Q3, 73% of buyers estimated that they could afford less than half the homes available for sale in their markets.
Canada’s Industrial Product Price Index Increases Month-Over-Month and Year-Over-Year in September
Statistics Canada (StatsCan) reported today (10-29-21) that the price of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), increased 1.0% month-over-month in September and 14.9% year-over-year.
Prospective Buyers’ Expectations of Housing Availability Decline for Third Consecutive Quarter
According to the National Association of Home Builders (NAHB) latest Housing Trends Report (HTR), there has been significant changes in buyers’ perceptions in regard to the challenges of the easier home availability. Today, 66% expect that finding the right home will be harder or not change much, up from 54% in Q4 of 2020.
Hemp: Next New Option in Building Components
Blain Brownell, FAIA, is an architect and materials researcher. He is also the Director of the School of Architecture at the University of North Carolina at Charlotte. According to an article published in Architect Magazine, Brownell’s research has helped him identify another building product, which he believes has the potential of revolutionizing and replacing concrete, steel, and even wood in some, not all, structural building components. The fourth building option is Hemp.