According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending August 27, 2021, the Market Composite Index, a measure of mortgage loan application volume, decreased -2.4% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -3% compared with the previous week.
Wood Markets News
ADP Reports Private Sector Employment Increased by 374,000 Jobs in August
According to the August ADP® National Employment Report™, nonfarm private sector employment increased by 374,000 jobs from July to August. The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally adjusted basis.
Rayonier Advance Materials Inc. Completes Sale of its Lumber and Newsprint Assets to GreenFirst Forest Products Inc.
On Monday, August 20, 2021, Rayonier Advanced Materials Inc. reported that it has completed its previously announced sale of its lumber and newsprint assets (the “Purchased Assets”) to GreenFirst Forest Products Inc. (“GreenFirst”), a Canadian lumber company, for a total purchase price of approximately US$235 million, subject to final adjustments.
Idaho Forest Group Announces Plans to “Indefinitely” Suspend Operations at their St. Regis, Montana Sawmill
Idaho Forest Group (IFG), a private company based in Coeur d’ Alene, Idaho, announced on Monday, August 30, 2021 that it intends to indefinitely suspend operations at its St. Regis, Montana operation by late November. The St. Regis mill employs 99 people and has contracts with loggers and haulers, some of whom may continue delivering logs to other IFG mills in Northern Idaho.
Federal Housing Finance Agency Reports U.S. Home Prices in June Increase 1.6% Month-Over-Month and 17.4% Year-Over-Year
According to the latest Federal Housing Finance Agency (FHFA) House Price Index (HPI®), U.S. house prices increased 1.6% month-over-month in June. House prices increased 17.4% from June 2020 to June 2021. Compared to Q1 of 2021, house prices were up 4.9%.
Canadian Real GDP Declines in Q2 2021, Ending Three Consecutive Quarters of Growth
Statistics Canada (StatsCan) reported on Tuesday (8-31-21) that a substantial decline in home resale activity and exports pushed the real gross domestic product (GDP) in Canada down -0.3% in Q2 2021. This marks the end of three consecutive quarterly increases that followed the sharp decline of -11.3% caused by pandemic-related business shutdowns and travel restriction in Q2 of 2020.
S&P CoreLogic Case-Shiller Index Reports Home Prices Climbed 18.6% Year-Over-Year in June
According to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which covers all nine U.S. Census divisions, reported today (8-31-21) that home prices experienced a 18.6% annual gain in June 2021, up from 16.8% in May.
Mortgages in Forbearance Numbers Unchanged in the Week Ending August 22, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance remained unchanged relative to the prior week at 3.25% as of August 22, 2021. According to MBA’s estimate, 1.6 million homeowners are in forbearance plans. The share of Fannie Mae and Freddie Mac loans in forbearance remained the same relative to the prior week at 1.66%.
The Conference Board Reports their Consumer Confidence Index Declined in August
The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today (8-31-21) their Consumer Confidence Index® (CCI) for August 2021. The CCI declined in August, following a decrease in July (a downward revision). The Index now stands at 113.8 (1985=100), down from 125.1 in July.
85 Wildfires Currently Burning in 10 States Across the U.S. — Only 1 Contained
As of Sunday, the NIFC is reporting 85 large fires and complexes have burned ~2.5 million acres nationally. Only one of those fires is being reported as contained. To help with wildfire suppression, the NIFC has requested a U.S. Department of Defense (DoD) activation of approximately 200 active-duty U.S. Army soldiers.