The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 9 basis points from 2.15% of servicers’ portfolio volume in the prior week to 2.06% as of October 31, 2021. According to MBA’s estimate, 1 million homeowners are in forbearance plans.
Wood Markets News
Black Hill Forest Logging Levels to be Reduced
In an interview held on Friday (11-5-21) with South Dakota Public Broadcasting’s daily public-affairs show, In the Moment, hosted by Lori Walsh, the leaders of the Black Hills National Forest announced that after several years of debate about sustainability in the forest, they plan to reduce logging levels.
Google Using British Columbia Knowhow to Build First Mass-Timber Office in Sunnyvale, California
Google, the global technology giant, has engaged Vancouver, British Columbia-based Michael Green Architecture to serve as the lead designer on their first ever mass-timber office in Sunnyvale, California. The five-story, 182,000 square-foot-facility is scheduled for completion in 2022.
Consumer Credit Expands in Q3 2021
On Friday (11-5-21), the Federal Reserve released their G.19 report for Q3 2021. With further analysis provided by the National Association of Home Builder (NAHB), the report shows that non-real estate-secured consumer credit increased at a seasonally adjusted annual rate (SAAR) of 5.6% in Q3 of 2021, with revolving debt increasing by 7.4% and nonrevolving debt increasing by 5.1%.
Higher Mortgage Rates and Tight Supply of Homes For Sale Increase Buyer Urgency
According to the latest report from Redfin, the technology-powered real estate brokerage firm, home prices moved unseasonably higher and quicker sales became more common in October. In the 4-week period ending October 31, the national median sale price increased 13% year-over-year to $357,007 and 1.5% from just 3-weeks earlier. This is compared to a 0.1% increase during the same time period in 2019.
B.C. Forests Minister Responds to Criticism of Old-Growth Harvest Deferral Plan
On Thursday (11-4-21), Minister Conroy defended her position saying she is rejecting the accusations that she undermined the future of the forest communities in B.C. by relying on the recommendations from a biased technical panel stacked with environmentalists.
U.S. Establishes Forest Investors Club at COP26 During Forest Day Session
During the World Leaders Summit’s Forest Day Session at COP26 on Tuesday, November 2, 2021, the United States launched the Forest Investors Club. The Forest Investor Club is a network of leading public and private financial institutions and other investors who aim to unlock and scale up investments that support climate-aligned outcomes in the land sector.
Number of Affordable Homes Posts Record Gain in Q3 as Mortgage Forbearance Programs End
According to Redfin, the Seattle-based, technology-powered real estate brokerage firm, the supply of America’s most affordable homes for sale jumped 13% year-over-year in Q3 2021. This occurred as mortgage forbearance programs came to an end, prompting many owners of low-cost homes to put their properties on the market.
Total Nonfarm Payroll Increases by 531,000 in October; Unemployment Drops to 4.6%
The U.S. Bureau of Labor Statistics (BLS) reported today (11-5-21) that total nonfarm payroll employment increased by 531,000 in October, following a disappointing 194,000 in September, an increase of 235,000 in August, a revised 1.1 million in July, and a revised 962,000 increase in June.
Commercial and Multifamily Mortgage Originations Up 119% Year-Over-Year in Q3 2021
The Mortgage Bankers Association today (11-5-21) released their Q3 2021 Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. According to the survey, mortgage loan originations for these types of properties in Q3 were 119% higher year-over-year and 19% higher from Q2 2021.