Wood Markets News


Mortgage Applications Increase 4.2% in the Week Ending June 11, 2021

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending June 11, 2021, the Market Composite Index — a measure of mortgage loan application volume — increased by 4.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 15% compared with the previous week.

Canadian Housing Starts Edge Higher in May

Canada Mortgage and Housing Corporation (CMHC) is reporting that the trend in housing starts was 280,779 units in May 2021, up slightly from 278,462 units in April 2021. This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

North Carolina’s Building Code Council Issues an Alert on the Use of European Lumber in Home Building

North Carolina’s Insurance Commissioner Mike Causey issued an alert on Monday (6-14-21) in regard to European lumber being used in the construction of homes and buildings throughout the state. The Building Code Council has determined European lumber, which is being imported to help with the nation’s lumber shortage, does not meet N.C. building code requirements and, in some cases, could cause catastrophic failures in wall, floor and roof framing.

Demand for Second Homes Continued to Cool in May

According to Redfin, the Seattle-based technology-powered real estate brokerage company, the number of buyers who locked in mortgage rates to purchase a second home nationwide rose 48% year-over-year in May. While that is a lofty number, it is the first time in a year that annual growth rate fell below 80%.

New Zealand’s Log Exports Have Domestic Wood Industry Leaders Fearing for their Survival

Having sold off much of the Crown forestry estate over 30-years ago, most of New Zealand’s (NZ) forestry lands are currently in private hands. Today the NZ government is looking for those private forestry land holders to help them with carbon offsets, provide enough timber for housing, and earn export income and supply biofuels and biocoal to fill the countries’ vehicles and boilers.