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.
Wood Markets News
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.
CoreLogic Home Price Index Reports Home Prices Increased 17.2% Year-Over-Year in June 2021
According to the latest CoreLogic Home Price Index™ (HPI) and HPI Forecast™ for June 2021, home prices have increased 17.2% from June 2020 — a rate of growth not seen since the late 1970’s. Month-over-month home prices increased by 2.3% compared to May 2021.
Construction Job Openings Increased in June 2021
A look at the Bureau of Labor Statistics (BLS) Job Opening and Labor Turnover Survey (JOLTS) with a focus on construction, and with analysis provided by the National Association of Home Builders (NAHB), reveals the count of open construction jobs increased in June to 339,000 unfilled positions. Overall, hiring in the construction sector remained solid in June, increasing to a 4.8% rate.
Job Opening and Labor Turnover Survey Released for June 2021
The U.S. Bureau of Labor Statistics (BLS) today (8-9-21) reported its Job Opening and Labor Turnover Survey (JOLTS) for June 2021. According to the JOLTS report, as of the last business day in June, the number and rate of job openings was at a series record high of 10.1 million, or +590,000.
Interfor Announces Plans to Restart Recently Purchased DeQuincy, Louisiana Sawmill
Interfor Corporation and Louisiana Gov. John Bel Edwards have jointly announced the planned restarting of operations at the sawmill in DeQuincy, Louisiana, which has annual lumber production capacity of 200 million board feet. Lumber production is expected to begin in the first half of 2022.
Sierra Pacific Industries Announces Plan to Purchase Seneca Sawmill
In a joint statement released on Thursday (8-5-21), Sierra Pacific Industries (SPI) and Seneca Sawmill announce their plans to combine the two businesses. Seneca currently operates a 175,000-acre tree farm, sawmills and a biomass plant in Oregon, and SPI is a lumber producer that manages more than 2.1 million acres of timberland in California and Washington.