The UK as whole, according to Forestry and Land Scotland (FLS), is ‘far too vulnerable’ to fluctuations in the global timber market. However, the FLS says that Scotland is well placed to ‘mitigate’ the risk by stepping up its commercial forestry sector.
Wood Markets News
Mortgage Applications Increased in the Week Ending August 20, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending August 20, 2021, the Market Composite Index (a measure of mortgage loan application volume) increased 1.6% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 1% compared with the previous week.
July New Home Sales Up 1.0% Month-Over-Month but Down Year-Over-Year
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly reported that new residential single-family home sales for July 2021 were at a SAAR of 708,000, according to estimates. This is 1.0% above the revised June rate of 701,000 but is -27.2% below the July 2020 estimate of 972,000.
Multifamily Starts Remained Elevated in Q2 of 2021
Quarterly U.S. Census Bureau data, with analysis provided by the National Association of Home Builders (NAHB), reveals that the market share of rental units of multifamily construction starts remained elevated at a reading of 95.2% during Q2 of 2021.
Michigan State University STEM Complex First Building in Michigan to use CLT as its Load-Bearing Structure
Michigan State University, located in East Lansing, Michigan, has taken a former 1940’s power plant and integrated with two laboratory wings to create an Innovation Center for Learning and Technology. The 176,000gsf teaching facility was the first building in Michigan to use cross-laminated timber (CLT) as its load-bearing structure.
Mortgages in Forbearance Decline at Slowest Rate in Over a Year in the Week Ending August 15, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 1 basis point from 3.26% of servicers’ portfolio volume in the prior week to 3.25% as of August 15, 2021. According to MBA’s estimate, 1.6 million homeowners are in forbearance plans.
Rent Prices Move Higher Rapidly — Strong Recovery Underway
Zillow®, the Seattle-based, online real estate marketplace company, revealed in their latest housing market report that a strong and widespread recovery of rents has pushed prices beyond where they would have been had the COVID-19 pandemic never have occurred. Nationally, typical monthly rents rose to $1,843 in July, surpassing June’s record appreciation and rising 9.2%, or $156, above July 2020.
Woodgrain Inc. to Expand Operations in Southwest Virginia
Virginia Governor Ralph Northam announced on Friday (8-20-21) that Woodgrain Inc., a family-owned business based in Idaho and one of the largest millwork companies in the world, will be investing $9 million to expand its operation in Smyth County and investing more than $8 million to purchase and expand the former Independence Lumber sawmill in Grayson.
93 Wildfires Currently Burning in 13 States Across the U.S. — Only 1 Partially Contained
As of Monday morning on August 23, the NIFC is reporting 93 large fires and complexes nationally have burned 2,503,430 acres. Only one of those fires is being reported as partially contained. The Little Sleep Fire near Wanblee, South Dakota reported extreme fire behavior yesterday.
Existing Home Sales in July Up 2% Month-Over-Month and 1.5% Year-Over-year
On Monday, 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, increased 2.0% from June to a seasonally adjusted rate at 5.99 million homes in July. This marks the second consecutive month of increases. Year-over-year sales are up 1.5% (5.90 million July 2020).