On Wednesday (12-15-21), The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) reported that builder sentiment in the market for newly built single-family homes edged 1-point higher in December to a reading of 84. This marks the fourth consecutive upward movement in the HMI and ties year’s highest reading (February).
Wood Markets News
Freddie Mac Confirms Immediate Mortgage Relief Options for Homeowners Affected by the Tornado Outbreaks
Freddie Mac on Tuesday (12-14-21) confirmed that immediate mortgage relief options for homeowners affected by the tornado outbreaks in Kentucky and surrounding areas last weekend. The disaster relief options are available to homeowners whose homes or places of employment are located in presidentially declared Major Disaster Areas where federal individual-assistance programs are made available to affected individuals and households.
Canadian Consumer Price Index Up Month-Over-Month and Year-Over-Year in November
Statistics Canada (StatsCan) released today (12-15-21) the Canadian Consumer Price Index (CPI) for November. The CPI rose 4.7% on a year-over-year basis in November, matching the increase in October. Excluding gasoline, the CPI rose 3.6% year over year. On a monthly basis, the CPI edged up 0.2% in November, following a 0.7% increase in October.
Mortgage Applications Decline in Week Ending December 10, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending December 10, 2021, the Market Composite Index (a measure of mortgage loan application volume) decreased -4% percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -6% compared with the previous week.
UPM to Invest 10 Million Euros in Joensuu, Finland Plywood Mill
UPM, a frontrunner in the forestry industry providing renewable solutions for various end-uses, has announced that it intends to invest 10 million Euros in the development of their plywood mill in Joensuu, Finland. The investment now being made is a continuation of the development projects of recent years at UPM Joensuu mill.
George Brown College to Build Ontario’s Tallest Wood Building
On Tuesday morning (12-14-21), the movement to build large structures from specially engineered wood, frequently called mass timber, got a major boost when George Brown College broke ground on what will be Ontario’s tallest wood building. The building will be called Limberlost Place, after Limberlost Forest and Wildlife Reserve in Ontario’s Muskoka region, and is being funded in part by a $10 million (CAD) donation.
Home Price Growth to Slow in 2022, According to Realtor.com
According to economists for Realtor.com, a real estate listing site owned by News Corp., the run-on home prices is almost over. Realtor.com is forecasting that over the next 12-months the median existing home sales prices will rise 2.9%. That would be a substantial slowing, as U.S. home prices year-over-year in September were up 19.5%.
Canada’s Industrial Products Price Index Up 0.8% Month-Over-Month and 18.3% Year-Over-Year in November
Statistics Canada (StatsCan) today (12-14-21) released its Industrial Products Price Index (IPPI) for November 2021. According to the “flash estimate,” the IPPI increased 0.8% month-over-month in November. Year-over-year the IPPI was up 18.3%. Softwood lumber rose 5.3% in November, after an increase of 13.3% in October. Year over year, prices for softwood lumber were up 21.8%.
Producer Price Index for Final Demand Increases 0.8% in November
The Bureau of Labor Statistics (BLS) reported today (12-14-21) that the Producer Price Index (PPI) for final demand, seasonally adjusted, increased 0.8% in November. Final demand prices moved 0.6% higher in each of the 3 prior months. On an unadjusted basis, the final demand index rose 9.6% for the 12 months ended in November — the largest advance since 12-month data were first calculated in November 2010.
NFIB’s Small Business Optimism Index Declines Further in November
The National Federation of Independent Business (NFIB), one of the largest small business associations in the US, reported today (12-14-21) that their NFIB Small Business Optimism Index dropped -0.2 points to a reading of 98.4 in November. Four of the 10 components improved, while 4 declined and 2 remained unchanged. The NFIB Uncertainty Index dropped -4 points to a reading of 63.