Black Knight, a provider of integrated technology, data, and analytics for lenders and services reported on Tuesday (3-23-21), that after eight consecutive months of improvement, the national mortgage delinquency rate rose in February to 6% from 5.85%.
Wood Markets News
B.C. Government Offers 4 Possible Scenarios for Lake Timber Supply Area Apportionment
The British Columbia government has been in dialogue with stakeholders over four possible scenarios for the Lake Timber Supply Area (TSA) apportionment. The Annual Allowable Cut (ACC) of timber for the Burns Lake region was reduced by -41% in 2019, from the previous ACC; however, at that point, the apportionment of AAC between timber license holders was not yet made.
Apartment Absorption Rate and Rent Costs Declines As Completion Increase
According to the U.S. Census Bureau’s Survey of Market Absorption (SOMA) the absorption rate of unfinished, unsubsidized apartments (the market share rented out in the first 3-months following completion) fell by -5 percentage points to a reading of 51% in Q3 of 2020, down from 56% in Q3 2019.
Russia Turns to Timber to Ease Reliance on Oil and Natural Gas Exports
Russia is looking for a way to lower its economic reliance on oil and natural gas exports, which currently makes up almost 50% of the country’s total export volume. It is also looking for a way to improve its environmental image in the world as well. Russian timber is preparing to take the lead on both the economic and environmental fronts.
Mortgage Applications Decrease -2.5% in the Week Ending March 19, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending March 19, 2021, the Market Composite Index — a measure of mortgage loan application volume — decreased -2.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -2% compared with the previous week.
The U.S. Forest Service Proposes Sweeping Plan to Remove Trees Burned and Killed Along Roads in Selected Oregon Wildfire Areas
A proposed sweeping plan of “treatment” to remove trees burned and killed along roads within the scars of Beachie Creek, Lionshead, and Holiday Farm fire has been proposed by the U.S. Forest Service. There are roughly 550 miles of road within the trio of fires and about 390 are proposed for “treatment” — meaning the cutting dead trees that might fall onto the road in the future.
Partnership Between Stora Enos and Technical University of Munich Promotes the Wellbeing Benefits of Wood
Working in partnership with the Technical University of Munich, Stora Enso Wood Products has launched a whitepaper showcasing the science behind the health and well-being benefits of building with timber. The in-depth literature review highlights such points as wood’s ability to reduce stress and boost productivity levels.
Shares of Mortgages in Forbearance Decline Further in Week Ending March 14, 2021
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 5.14% of servicers’ portfolio volume in the prior week to 5.05% as of March 14, 2021.
New Home Sales Decline -18.2 % February but are up Year-Over-Year 8.2%
The U.S. Census Bureau reported that new residential single-family home sales for February 2021 were at a seasonally adjusted annual rate of 775,000, according to estimates. This is -18.2% below the revised January 2021 rate of 948,000 but is 8.2% above the February 2020 estimate of 716,000.
Lack of Available U.S. Forest Service Timber for Sale in the Black Hills Forces Neiman Enterprises to Close Hill City South Dakota Sawmill
Neiman Enterprises has announced that after 53 years of continuous operation, the company has decided to shutter its Hill City, South Dakota sawmill. In discussing the closure, Jim D. Neiman, President of Neiman Enterprises said, the mill closure is outside of the company’s control and comes as the result of a reduction in the amount of timber being sold by the U.S. Forest Service in the Black Hills.