The National Association of Realtors® (NAR) reported on Thursday (10-28-21) that their Pending Homes Sales Index (PHSI) — which is based on signed real estate contracts, not actual closings, for existing single-family homes, condominiums, and co-ops — declined -2.3% month-over-month in September 2021 to a reading of 116.7.
Wood Markets News
Real GDP in Q3 2021 Grows at an “Advance” Estimated Annual Rate of 2.0%
The Bureau of Economic Analysis (BEA) reported today (10-28-21) that its “advance” estimated Real Gross Domestic Product (GDP) for Q3 of 2021 increased at an annual rate of 2.0%. According to the BEA, the increase in real GDP in the Q3 of 2021 reflected increases in private inventory investment, personal consumption expenditures (PCE), state and local government spending, and nonresidential fixed investment…
Mortgage Rates Creep Higher in the Week Ending October 28, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending October 28, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 3.14% with an average 0.7 point, up from last week when it averaged 3.09%. A year ago, at this time, the 30-year FRM averaged 2.81%.
Weekly Jobless Claims Decline Further in the Week Ending October 23, 2021
The U.S. Department of Labor is reporting that an additional 281,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, October 23, 2021 — a decrease of 10,000 from the previous week’s revised level. This is the lowest level for initial job claims since March 14, 2020, when it was 256,000.
New Sawmill to Aid in Rebuilding after Dixie Wildfire Destroys Nearly a Million Acres in California
The Sierra Institute has recognized the need to both do something about all the dead and blackened trees and has heard from residents about that need. The Sierra Institute has purchased a sawmill that will, in their words, “change the dynamics of Dixie Fire restoration and forest management across Plumas County.”
Increasing New Home Prices Have Prospective Buyers Looking at Alternatives
According to the latest National Association of Home Builders (NAHB) Housing Trends Report (HTR), the number of prospective buyers looking for a newly built home has declined steadily since reaching 42% in Q4 of 2020. In Q3 of 2021, that number was down to 32%. Of course, when compared to Q1 of 2018, when there were only 15% of prospective buyers looking for a new home, it looks rather substantial.
Mortgage Applications Increase 0.3% in the Week Ending October 22, 2021
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 — increased 0.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 0.2% compared with the previous week.
After Two Weeks of Accelerated Declines, Forbearance Rate Slows in Week Ending October 17, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 7 basis points from 2.28% of servicers’ portfolio volume in the prior week to 2.21% as of October 17, 2021. According to MBA’s estimate, 1.1 million homeowners are in forbearance plans.
New Residential Home Sales up 14% Month-Over-Month in September
The U.S. Census Bureau and the Deptartment of Housing and Urban Development jointly announced on Tuesday (10-26-21) that new residential single-family home sales for September 2021 were at a SAAR of 800,000, according to estimates. This is 14.0% above the revised August rate of 702,000.
West Fraser to Announces Purchase of Georgia Pacific’s Allendale, South Carolina OSB Mill
West Fraser Timber Co. Ltd. Announced today (10-26-21) that it has entered into agreement to acquire Georgia Pacific’s oriented strand board (OSB) mill located near Allendale, South Carolina for approximately $280 million (USD). The transaction is expected to close following the successful completion of U.S. regulatory review and satisfaction of customary conditions.