More than 2 years later the aftermath of the storm is still visible and continues to pose a wildfire threat, which according to State Forester Erin Albury could continue over the next five to eight years.
Wood Markets News
Federal Housing Finance Agency Extends Forbearance Period to 18-Months
The Federal Housing Finance Agency (FHFA) on Thursday (2/25/21), announced that borrowers with mortgages backed by Fannie Mae and Freddie Mac may be eligible for an additional forbearance extension of up to six months. On February 9th, the FHFA extended forbearance plans an additional three months beyond their initial 12-month expiration.
Real GDP Increases 4.1% in Q4 2020 in Bureau of Economic Analysis “Second” Estimate
According to the “second” estimate released by the Bureau of Economic Analysis (BEA), real gross domestic product (GDP) increased at an annual rate of 4.1% in Q4 of 2020.
Weyerhaeuser Company Announces the Purchase 69,200 Acres of High-Quality Alabama Timberland
Weyerhaeuser Company today (2/25/21) announced that they had reached an agreement to purchase 69,200 acres of high-quality Alabama timberland from Soterra, a subsidiary of Greif, Inc., for approximately $149 million.
30-Year Mortgage Rate Increases to 2.97% in the Week Ending February 25, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending February 25th, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.97% with an average 0.6 point, up from last week when it averaged 2.81%.
Weekly Jobless Claims Decline in the Week Ending February 20, 2021
The U.S. Department of Labor is reporting that an additional 730,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, February 20th, 2021. This is a decrease of 111,000 from the previous week’s revised level.
Pending Homes Decline -2.8% in January, but Year-Over-Year are up 13.0%
The National Association of Realtors® (NAR) has reported their Pending Homes Sales Index (PHSI) — which is based on signed real estate contracts, not actual closings, for existing single-family homes, condos, and co-ops — declined -2.8% in January to a reading of 122.8.
Mortgage Applications Decline 11.4% in Week Ending February 19, 2021
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.
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.