On Wednesday (9-29-21), the National Association of Realtors® (NAR) 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 — increased of 8.1% in August 2021 to a reading of 119.5.
Wood Markets News
Canadian Industrial Product Price Index Declines in August — Led by Lower Lumber and Wood Product Prices
Statistics Canada (StatsCan) reported today (9-29-21) that prices for products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI) declined -0.3% month-over-month in August. However, year-over-year (August 2020 to August 2021) they were up 14.3%.
Canada’s Housing Sector Moves from Moderate to a High Degree of Vulnerability in Q2 2021
Canada Mortgage and Housing Corp. (CMHC) on Tuesday (9-28-21) reported that the country’s housing sector moved from a moderate, to a high degree of vulnerability during Q2 of 2021. Montreal, Ottawa, and Toronto markets bear most of the risk.
Demand for Second Homes Declines Month-Over-Month and Year-Over-Year in August
According to a report from Redfin, the Seattle-based, technology-driven real estate company, demand for second homes declined -19.3% year-over-year in August. This marks the third consecutive month of declines. Primary home demand also fell declined in August for the second month in a row, dropping -1% year-over-year.
Mortgage Applications Fall Back in the Week Ending September 24, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending September 24, 2021, the Market Composite Index, a measure of mortgage loan application volume, decreased -1.1% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -1% compared with the previous week.
Alberta Forest Companies Plant Over 100 Million Trees in the Province’s Forests in 2021
Alberta’s forest companies have planted over 100 million trees in the province’s forests in 2021. That number amounts to planting three trees for every one that is harvested — or 23 trees for every resident of the province, or (even more impressive) 100,000 trees for every grizzly bear in Alberta.
Federal Housing Finance Agency Says U.S. Home Prices Increased 1.4% Month-Over-Month and 19.2% Year-Over-Year in July 2021
According to the latest Federal Housing Finance Agency (FHFA) House Price Index (HPI®), U.S. house prices increased 1.4% month-over-month in July. House prices increased 19.2% from July 2020 to July 2021.
Multifamily/Commercial Mortgage Debt Increases $60.7 Billion in Q2 2021
According to the latest Mortgage Bankers Association’s (MBA) Commercial/Multifamily Mortgage Debt Outstanding quarterly report, the level of commercial/multifamily debt outstanding increased by 1.5% or $60.7 billion in Q2 of 2021. Total commercial/multifamily debt outstanding rose to $3.98 trillion at the end of Q2.
S&P CoreLogic Case-Shiller National Home Price Index Jumps 19.7% Year-Over-Year in July
According to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index (9-28-21), which covers all nine U.S. Census divisions, home prices experienced a 19.7% annual gain in July 2021, up from 18.7% in June.
Forbearance Rate Finally Dips to Pre-pandemic Levels in Week Ending September 19, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 4 basis points from 3.00% of servicers’ portfolio volume in the prior week to 2.96% as of September 19, 2021. According to MBA’s estimate, 1.5 million homeowners are in forbearance plans.