Vietnam is reporting the wood and wood product (W&WP) exports during the first seven months of 2021 reached US$9.26 billion, up 54% year-over-year (July 2020 to July 2021). Vietnam imported US$1.81 billion of W&WP in the first 7 months of 2021, up 39% against the same period of 2020.
Wood Markets News
Mortgage Rates Inch Higher in the Week Ending September 23, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending September 23, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.88% with an average 0.7 point, up slightly from last week when it averaged 2.86%. A year ago, at this time, the 30-year FRM averaged 2.90%.
Weekly Jobless Claims Increase for Second Consecutive Week in the Week Ending September 18, 2021
The U.S. Department of Labor is reporting that an additional 351,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, September 18, 2021. This is an increase of 16,000 from the previous week’s revised level.
Oldendorff Carriers Post-Panamax to Load Logs from New Zealand
A deal between South Pacific Shipping (SPS) and Oldendorff Carriers has been finalized. “A Post-Panamax will carry underdeck twice the volume of a conventional logger but will not require any fumigation by Methyl Bromide as no logs will be carried on deck.”
Existing Home Sales Declined Month-Over-Month and Year-Over-Year in August 2021
The National Association of Realtors® (NAR) reported that total existing home sales — which are completed transactions for single-family homes, townhomes, condominiums and co-ops — declined -2.0% from July to a seasonally adjusted rate at 5.88 million homes in August. Year-over-year sales are down -1.5% (5.97 million August 2020).
Sawmill Insurance Coverage Getting More Difficult to Secure
Sawmill operators have always operated in a supply and demand market. Currently, however, they are dealing with another and somewhat unfamiliar supply and demand problem: the lack of insurance companies willing to write policies covering their property, as well as business interruption insurance.
Mortgage Applications Jump to Highest Level Since April 2021 During the Week Ending September 17, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending September 17, 2021, the Market Composite Index — a measure of mortgage loan application volume — increased 4.9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 16% compared with the previous week.
New Home Prices in Canada Climb Month-Over-Month and Year-Over-Year in August
Statistics Canada (StatsCan) reported on Tuesday (9-21-21) that in August new house prices in Canada rose 0.7% month-over-month and are up year-over-year 12.2%. The latest increase continues the series of gains that began in May of 2020.
Logie Timber Expansion to Create New Jobs While Cutting Its Carbon Footprint
Logie Timber, located in the town of Forres, Moray County, Scotland, is a full-cycle timber business. The company carries out milling and finishing and makes products including cladding, decking posts, and beams. Logie has embarked on a £1.2million expansion that will lead to the creation of four new jobs as well as increasing its turnover and cutting its carbon footprint.
Housing Starts and Permits Increased in August, While Housing Completions Trended Lower
The U.S. Census Bureau on Tuesday (9-21-21) reported that privately‐owned housing starts in August were at a seasonally adjusted annual rate (SAAR) of 1,615,000. This is 3.9% above the revised July rate of 1,554,000 and is 17.4% above the August 2020 rate of 1,376,000.