According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending February 19th, 2021, the Market Composite Index , a measure of mortgage loan application volume, decreased -11.4% on a seasonally adjusted basis from one week earlier.
Wood Markets News
German Forests Deteriorated at Record Levels in 2020
According to Germany’s Agriculture Minister Julia Kloeckner, the condition of German forests has deteriorated to record levels due to a combination of fire, drought, windstorms, and a bark beetle infestation. More trees died in 2020 than ever before and only 21% of trees under observation had an intact canopy, an indication of how healthy a tree is, an annual survey on forests found.
New Residential Single Family Home Sales Up 4.3% from December 2020 and Up Year-Over-Year 19.3%
The U.S. Census Bureau is reporting that according to their estimates new residential single-family home sales for January 2021 were at a seasonally adjusted annual rate (SAAR) of 923,000. This is 4.3% above the revised December rate of 885,000, and is 19.3% above the January 2020 estimate.
China’s Log Ban on Australian Logs Shows Need for Pulp and Paper Mill in the South
Australia is facing an unusual problem with finding a home for much of their below sawmill standard logs. These logs include those cut down in plantation thinning, are piling up in regional areas further south as operators avoid the cost of carting them to once-busy port stockyards.
Accelerated New Home Sales Growth Helps to Reduce the Volume of Outstanding Construction Loans
According to survey data gathered by the National Association of Home Builders (NAHB) the volume of residential construction lending posted a modest decline during Q4 of 2020. This continues a pattern of volume declines that began at the end of 2019.
New Family Home Size Stabilize in Q4 2020 as Pandemic Shifts Consumer Preferences
According to Q4 2020 data from the U.S. Census Bureau’s Quarterly Starts and Completion by Purpose and Design and analysis provide by the National Association of Home Builders (NAHB) after years of decline, new home sizes did level off in 2020.
U.S. Home Prices Increase 10.8% Between Q4 2019 to Q4 2020
According to the Federal Housing Finance Agency (FHFA), House Price Index (HPI®) U.S. house prices increased 10.8% between Q4 of 2019 and Q4 of 2020.
S&P CoreLogic Reports Annual Home Prices Gained 10.4% to Closeout 2020
On Tuesday, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which covers all nine U.S. Census divisions, reported that home prices experienced a 10.4% annual gain in December 2020, up from 9.5% in November.
Shares of Mortgages in Forbearance Continued Decline in Week Ending February 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 7 basis points from 5.29% of servicers’ portfolio volume in the prior week to 5.22% as of February 14, 2021.
The Conference Board Consumer Confidence Index® Continued to Improve in February
The Conference Board, a non-partisan, not-for-profit think tank, which was founded in 1916, released today (2-23-21) their Consumer Confidence Index® (CCI) for February 2021. The Index now stands at 91.3 (1985=100), up from 88.9 in January.