According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending August 6, 2021, the Market Composite Index — a measure of mortgage loan application volume — increased 2.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 3% compared with the previous week.
Wood Markets News
Consumer Price Index Increases 0.5% in July, 5.4% Year-Over-Year
The U.S. Bureau of Labor Statistics (BLS) reported on Wednesday (8-11-21) that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.5% in July on a seasonally adjusted basis after rising 0.9% in June. Over the past 12-months, the all-item index has increased 5.4% before seasonal adjustment.
U.S. Wood Pellet Exports in June Exceed 603,752 Metric Tons and $82.96 Million in Value
According to data released on August 5, 2021 by the United States Department of Agriculture (USDA) Foreign Agricultural Service (FAS), the United States exported 603,752.2 metric tons of wood pellets in June — up from 513,608 metric tons in May but down from 684,030.2 metric tons in June 2020.
Japanese Housing Starts Post 4th Consecutive Monthly Gains
Total housing starts in Japan posted their fourth consecutive monthly increase in June, rising 7.3% to 76,312 units. Owner occupied housing increased 10.6%, while rental housing rose 11.8%.
Lot Values for Single-Family Detached Homes Built in 2020 Reached New Record High Levels
According to the latest Census Bureau’s Survey of Construction (SOC) data, with analysis provided by the National Association of Home Builders (NAHB), lot values for single-family detached homes started in 2020 surged 18%. This resulted in the median lot price reaching a new record high of $53,000.
Forbearance Exits Increased and New Forbearance Requests Declined in Week Ending August 1, 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 3.47% of servicers’ portfolio volume in the prior week to 3.40% as of August 1, 2021. According to MBA’s estimate, 1.7 million homeowners are in forbearance plans.
Consumer Debt Spikes in Q2 2021
The Federal Reserve Board has released the Q2 2021 G-19 Report. The G-19 reveals that in Q2 2021, non-real estate-secured consumer credit increased at a seasonally adjusted annual rate (SAAR) of 8.8%. Revolving debt increased by 10.7% and nonrevolving debt increasing by 8.3%.
Q2 2021 Preliminary Nonfarm Business Productivity and Costs Report Released
The Bureau of Labor Statistics (BLS) reported on Tuesday (8-10-21) that nonfarm business sector labor productivity increased 2.3% in Q2 of 2021. This occured as output increased 7.9% and hours worked increased 5.5% at a seasonally adjusted annual rate (SAAR).
B.C. Wildfire Service Predicts New Fires in August and Significant Growth Among Current Fires
The latest wildfire report from the B.C. Wildfire Service (BCWS) is predicting new fires in August and significant growth among current fires of note. According to the report, “The wildfires burning across the province require a large number of wildfire personnel and will continue as such until extended periods of precipitation are received across the province.”
Five Consecutive Months of Record-Breaking Home Prices Comes to an End
Redfin, the Seattle-based, technology-powered, real estate company, is reporting that in the four-week period ending July 25, 2021, for the first time since early March 2021, the median home-sales price of $362,750 did not set a new record high. Instead, it was flat (-0.2%) but was still 18% higher year-over-year.