The Western Wood Products Association (WWPA) is reporting that in May, North American softwood lumber production increased 11.5% year-over-year (YOY). Canadian production increased 13.3% YOY and in the U.S., production rose 10.4%.
Wood Markets News
Home Buyers and Sellers Have Differing Views in Latest Fannie Mae Home Purchase Sentiment Survey
The Fannie Mae Home Purchase Sentiment Index®(HPSI), which reflects consumers’ current views and forward-looking expectations of housing market conditions and complements existing data sources to inform housing-related analysis, decreased 3.9 points to a reading of 75.8 in July. This occured as consumers continue to report concerns related to high home pries and a lack of homes for sale.
Kangaroo Island Plantation Timber to Convert 18,000 Hectares of Softwoods to an Agricultural Estate
Having had its proposal to construct a deep-water port on the north coast of Kangaroo Island rejected by the South Australian government, Kangaroo Island Plantation Timber (KIPT) Chairman Paul McKenize announced that KIPT would immediately convert its 18,000 hectares of softwood to an agricultural estate.
Mortgage Application Volume Rebounds in the Week Ending August 6, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending August 6, 2021, the Market Composite Index — a measure of mortgage loan application volume — increased 2.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 3% compared with the previous week.
Consumer Price Index Increases 0.5% in July, 5.4% Year-Over-Year
The U.S. Bureau of Labor Statistics (BLS) reported on Wednesday (8-11-21) that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.5% in July on a seasonally adjusted basis after rising 0.9% in June. Over the past 12-months, the all-item index has increased 5.4% before seasonal adjustment.
U.S. Wood Pellet Exports in June Exceed 603,752 Metric Tons and $82.96 Million in Value
According to data released on August 5, 2021 by the United States Department of Agriculture (USDA) Foreign Agricultural Service (FAS), the United States exported 603,752.2 metric tons of wood pellets in June — up from 513,608 metric tons in May but down from 684,030.2 metric tons in June 2020.
Japanese Housing Starts Post 4th Consecutive Monthly Gains
Total housing starts in Japan posted their fourth consecutive monthly increase in June, rising 7.3% to 76,312 units. Owner occupied housing increased 10.6%, while rental housing rose 11.8%.
Lot Values for Single-Family Detached Homes Built in 2020 Reached New Record High Levels
According to the latest Census Bureau’s Survey of Construction (SOC) data, with analysis provided by the National Association of Home Builders (NAHB), lot values for single-family detached homes started in 2020 surged 18%. This resulted in the median lot price reaching a new record high of $53,000.
Forbearance Exits Increased and New Forbearance Requests Declined in Week Ending August 1, 2021
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.
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%.