In a note to its members, the National Hardwood Lumber Association reports that China has agreed to extend tariff exemptions on 65 imported products from the United States. Seven hardwood log and lumber products have made that list.
Wood Markets News
COVID-19 Vaccine Distribution Will Add to the Number of Homebuyers
Zillow, the Seattle-based online real estate marketplace company, is reporting in a new survey that a large majority (70%) of homeowners say they would be comfortable moving into a new home after widespread COVID-19 vaccine distribution — a significant increase from the 52% in the previous survey.
Shares of Mortgages in Forbearance Increase in Week Ending February 21, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance increased by 1 basis point from 5.22% of servicers’ portfolio volume in the prior week to 5.23% as of February 21, 2021.
Pandemic Shifted Home Building in 2020 to the Suburbs, Exurbs and Small Metro Areas
The National Association of Home Builders (NAHB) Home Building Geography Index (HBGI) is reporting that the shift to suburban home building — which was first reported in Q2 2020 — is the result of buyers’ growing preferences to live in lower density, lower cost markets and the results of the impact of the COVID-19 pandemic, continued through the balance of 2020.
James Jones & Sons Ltd Announces Purchase of GT Timber Ltd
James Jones & Sons Ltd, the UK’s largest privately owned sawmill, timber engineering and pallet manufacturing company, has announced the purchase of GT Timber Ltd, the holding company of Taylormade Timber Products Ltd and Kerr Timber Products Ltd which operate sawmill facilities at Sherburn Hill, Durham and Annan.
Timber Begins Shipping from Kangaroo Island Even While the Smith Bay Port Project Remains in Limbo
The window of opportunity for salvaging and shipping timber impacted by last year’s Australian bushfires is quickly approaching. Kangaroo Island Plantation Timber (KIPT) needs to move both fresh and damaged crop off the island and to the mainland.
Construction Spending Up 1.7 % Month-Over Month and 5.8% Year-Over-Year
The U.S. Census Bureau has announced that total construction spending during January 2021 was estimated at a seasonally adjusted annual rate (SAAR) of $1,521.5 billion, 1.70 above the revised Decembre estimate of $1,496.5 billion.
Personal Incomes Rises 10% in January Thanks to Stimulus Payments
A deeper examination of recently released data from the Bureau of Economic Analysis (BEA) reveals that personal income rose in January to a seasonally adjusted annual rate (SAAR) of $21.454 billion.
Newly Listed Homes For Sale Hit New All-Time Record High During 4-week Period Ending February 21, 2021
Redfin, the Seattle-based technology-powered residential real estate company, is reporting for the 4-week period ending 2-21-21, the average asking prices of newly listed homes hit a new all-time high of $343,961, up 11% year-over-year.
Builder and Developer Confidence in the Multifamily Housing Market Decline in Q4 2020
According to the results of the latest National Association of Home Builders (NAHB) Multifamily Market Survey (MMS), builders and developer confidence in the multifamily market fell in Q4 of 2020. The MMS is broken into two separate indices: The Multifamily Production Index (MPI), which fell 5 points to 43; and the Multifamily Vacancy Index (MVI), which edged down two points to 42.