According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS) for the week ending October 22, 2021, the Market Composite Index — a measure of mortgage loan application volume — decreased -3.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased by -4% compared with the previous week.
Wood Markets News
ADP Reports Private Sector Employment Increased by 571,000 Jobs in October — Nearly 5 Million Year to Date
According to the October ADP® National Employment Report™, nonfarm private sector employment increased by 571, 000 jobs from September to October. The ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Moody’s Analytics. The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally adjusted basis.
Total Value of Building Permits in Canada Increases 4.3% in September
Statistics Canada (StatsCan) reported today (11-2-21) that the total value of building permits in Canada increased 4.3% in September 2021 to $10.1 billion (CAD). Construction intentions in the residential sector were up 8.2%, while the non-residential sector decreased 3.2%. Overall, the residential sector rose 8.2% in September to $6.9 billion.
B.C Provincial Government to Discuss Next Steps on Old-Growth Logging with Release of Advisory Panel Findings
The Canadian press is reporting (11-2-21) that the British Columbia Provincial Government was expected to discuss today the next steps it will take on old-growth logging in the province. Forests Minister Katrine Conroy was scheduled to release the findings of an independent advisory panel established in June to help the province identify at-risk old-growth ecosystems and prioritize them for deferral from logging.
Turkish Küpeliler Endustri AS Places Orders with Siempelkamp for New OSB and Particleboard Plants
Küpeliler Endustri AS — Turkish based business dealing in cement, packaging, and wood-based panel industries — has placed orders with Siempelkamp for a new OSB and particleboard plant. The continuous OSB plant will be the first of its kind to be assembled in Turkey. The second new order was placed by Küpeliler Endustri with its German partner for its particleboard division.
Third Quarter U.S. Residential Vacancies and Homeownership Survey Unchanged from Q2 2021
The U.S. Census Bureau today (11-2-21) announced its Housing Vacancy Survey (CPS/HVS) for Q3 2021. CPS/HVS reveals that the U.S. homeownership rate was flat at 65.4% in Q3. The homeownership rate of 65.4% was -2.0 percentage points lower than the rate in Q3 2020 (67.4%) and virtually the same as the rate in Q2 2021 (65.4%).
Shares of Loans in Forbearance Inched Lower During the Week Ending October 24, 2021
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.
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.