The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) is reporting that builder sentiment in the market for newly built single-family homes declined 5-points to a reading of 75 in August. This is its lowest level since July of 2020, and after builder confidence topped at a reading of 90 last November.
Wood Markets News
Shares of Mortgages in Forbearance Decline for 24th Consecutive Week in the Week Ending August 8, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 14 basis points from 3.40% of servicers’ portfolio volume in the prior week to 3.26% as of August 8, 2021. According to MBA’s estimate, 1.6 million homeowners are in forbearance plans.
Martco L.L.C. to Construct Second OSB Plant in Corrigan, Texas
Martco L.L.C. (RoyOMartin), headquartered in Alexandria, Louisiana, announced on Friday (8-13-21) that its Texas subsidiary, Corrigan OSB, L.L.C, will construct a second oriented strand board (OSB) manufacturing facility near its current, state-of-the-art OSB plant located in Corrigan, Texas.
Hundreds of Wildfire Burning Across the Western U.S. Push Forest Service Crews to the Max
The U.S. Forest Service said on Friday that it continues to operate in crisis mode, fully deploying firefighters and maxing out its support system. The roughly 21,000 federal firefighters working on the ground is more than double the number of firefighters sent to contain forest fires at this time a year ago.
USDA Forest Service Awards $15 Million in Grants to Expand the Use Of Wood Products
The U.S. Department of Agriculture (USDA) Forest Service recently announced the awarding of more than $15 million to fund 60 projects. The grants were provided to help in the development and expansion in the use of wood products, strengthen emerging wood energy markets, and protect community forests.
Census Bureau Reports Multifamily Units Completed in 2020 Increased by 6%
The 2020 U.S. Census Bureau’s Survey of Construction (SOC) with analysis provided by the National Association of Home Builders (NAHB) reveals that multifamily units completed in 2020 increased by 6% to 375,000. This represents the largest annual count of multifamily units completed in 30-years.
Canadian Manufacturing Sales Increase 2.1% in June, But Wood Product Sales Post -5.7% Decline
Statistics Canada (StatsCan) reported today (8-16-21) that following two successive months of declines, manufacturing sales rose 2.1% to $59.2 billion (CAD) in June. However, following six consecutive monthly gains, wood product sales fell -5.7% to $5.1 billion in June, on lower volumes and prices.
University of Michigan Index of Consumer Sentiment Posts Sharp Declines in Preliminary August Results
The University of Michigan today (Friday 8-13-21), released its preliminary Consumer Sentiment Index (CSI) for August. The Index of Consumer Sentiment dropped to a reading of 70.2 in August, down from 81.2 in July, a month-over-month decline of -13.5% and -5.3% year-over-year (74.1 in August 2020).
Despite Lumber Pricing Decline – Overall Building Materials Pricing Continue to Climb
According to the latest Bureau of Labor Statistics July Producer Price Index (PPI), with analysis provided by the National Association of Home Builders (NAHB), prices paid for goods used in residential construction, less energy, rose 0.2% in July, after rising 3.0% in June (not seasonally adjusted).
Mortgage Credit Availability Increased in July
The Mortgage Banker Association (MBA) on Thursday (8-12-21), released their Mortgage Credit Availability Index (MCAI), that analyzes data from Ellie Mae’s AllRegs® Market Clarity® business information tool, for July. According to the MCAI rose by 0.3% to 119.1 in July.