According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending October 1, 2021, the Market Composite Index — a measure of mortgage loan application volume — decreased -6.9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -7% compared with the previous week.
Wood Markets News
ADP Reports Private Sector Employment Increased by 568,000 Jobs in September
According to the September ADP® National Employment Report™ nonfarm private sector employment increased by 568,000 jobs from August to September. The ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Moody’s Analytics.
New Brunswick Woodlot Owners Question Province’s Timber Royalty Collection Methods During 13-Month Lumber Market Price Surge
Taking full advantage of the higher lumber prices being charged by sawmills and the increased profitability those prices were generating during the recent 13-month lumber price surge, Alberta raised the price of logs coming off the Crown’s land several times and collected additional timber royalties.
Lendlease Announces Partnership with Stora Enso to Develop Sustainable Building Materials
In a bid to slash the embedded carbon from its buildings, Lendlease, the international real estate group, announced last week at an event in Milan, Italy that it has launched a new partnership with a leading supplier of sustainable wood for construction, Stora Enso. The announced partnership follows 10 years of collaboration between the two companies on eight sustainable timber buildings.
Brazilian Exports of Wood-Based Products Increased 41.4% Year-Over-Year in August 2021
According to the International Tropical Timber Organization (ITTO), the value of Brazilian exports of wood-based products (except pulp and paper) increased 41.4% in value year-over-year from US$292.5 million in August 2020 to US$413.6 million in August 2021.
Private Residential Spending Increases 24.3% Year-Over-Year in August
A deeper analysis of the U.S. Census Construction Spending data, provided by the National Association of Home Builders (NAHB), reveals that total private residential construction spending rose 0.4% in August to a seasonally adjusted annual rate (SAAR) of $786.6 billion. Year-over-year total private residential spending was 24.3% higher.
Borrowers Exiting Forbearance Continued to Increase in the Week Ending September 26, 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 2.96% of servicers’ portfolio volume in the prior week to 2.89% as of September 26, 2021. According to MBA’s estimate, 1.4 million homeowners are in forbearance plans.
Tree Harvesting Limitations Threaten Yukon Territory’s Local Small-Scale Sawmills
Doug Kerley is the owner of Creekside Wood Supply located in White Horse, the capital of northwest Canada’s Yukon territory. Kerley said the supply of suitable trees — they must be a minimum size for the lumber product — has been exhausted.
Canadian Building Permits Decline in August
Statistics Canada (StatsCan) is reported today (10-4-21) that the nationwide total of building permits decreased -2.1% month-over-month in August to $9.7 billion (CAD). The report notes that while most of the provinces reported increases in building permits, significant declines in British Columbia and Ontario resulted in the lower month-over-month loss.
52 Large Wildfire Continue to Burn Across the U.S. with Only 1 is Listed as Contained
The National Interagency Fire Center reported today (10-4-21) that there are 52 large wildfires burning nationally on over 2,985,979 acres. No new large fires were being reported as of today.