The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 34 basis points from 2.62% of servicers’ portfolio volume in the prior week to 2.28% as of October 10, 2021. According to MBA’s estimate, 1.1 million homeowners are in forbearance plans.
Wood Markets News
China’s New Construction Starts Decline for Sixth Consecutive Month in September
For the sixth month in a row, China’s new construction starts declined in September. This is the longest continuous monthly declines since March–August in 2015. According to Reuters calculations based on January-September data released by the National Bureau of Statistics on Monday (10-18-21), new construction starts in September fell -13.54% from a year earlier, the third month of double-digit declines.
Canadian Housing Starts Decline Month-Over-Month in September
The Canada Mortgage and Housing Corporation (CMHC) announced today (10-18-21) that the trend, which is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts, in September was 271,068 units, down from 284,757 units in August 2021. The standalone monthly SAAR of housing starts for all areas in Canada was 251,151 units in September, a decrease of -4.4% from 262,754 units in August.
Australia’s La Trobe University Opens New Mass-Timber Student Accommodations
La Trobe University in Melbourne, Australia is now home to the mass timber student accommodation scheme created by Australian studio Jackson Clements Burrows. Two sweeping arcs providing accommodation for 642 students hug a central courtyard on the 18,000-square-metre site, which is the first to complete in a new masterplan for the university’s eastern residential precinct.
Builder Confidence Increases for Second Consecutive Month in October
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 4-points higher in October to a reading of 80. This marks the second consecutive upward movement in the HMI. Builder confidence topped at a level of 90 in November 2020.
Fannie Mae Economists Revise GDP Downward but Home Mortgage Rates and Values Upward
According to Fannie Mae’s Economic and Strategic Research (ESR) Group’s October 2021 commentary, global supply chain constraints continue to cap economic output amid growing inflationary and consumer-spending concerns. Accordingly, the ESR Group revised downward its full-year 2021 real gross domestic product (GDP) growth projections from 5.4% to 4.9%.
Roseburg Completes Purchase of 30,000 Acres of Timberland in Southern US
Roseburg announced on Wednesday (10-13-21) that it has completed the purchase of approximately 30,000 acres of timberland in the southern U.S. from Forest Investment Associates (FIA). The properties are located in the northeast region of North Carolina and the southeast region of Virginia and consist of well-managed loblolly pine plantations.
USNR and Wood Fiber Group Announce Merger
In a transaction that will create the world’s most comprehensive supplier of the equipment, technology, and essential tools used in modern wood processing facilities, USNR and Wood Fiber Group have announced their merger. The merger will create a single company with unmatched product range.
Median Home Price Jumps 14% in September, Marking 14th Consecutive Months of Double-Digit Gains
Redfin, the Seattle-based, technology-powered real estate brokerage, reported in a news release on Friday (10-15-21) that year-over-year the median home sales prices rose 14% in September to $376,800.
Prices for Goods Used in Residential Construction Decline Modestly in September
A closer look at the recently released Bureau of Labor Statistics (BLS) September Produce Price Index (PPI), with analysis provided by the National Association of Home Builders (NAHB), reveals that prices paid for goods used in residential construction, less energy, decreased -0.8% — not seasonally adjusted — in September.