The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 11 basis points from 4.04% of servicers’ portfolio volume in the prior week to 3.93% as of June 13, 2021. According to MBA’s estimate, 2 million homeowners are in forbearance plans.
Wood Markets News
Premier Forest Group (UK) Announces Sale of Irish Subsidiary Premier Forest ROI Ltd
Premier Forest Group has announced that it has sold, for an undisclosed price, their Irish subsidiary Premier Forest ROI Ltd to Northern Ireland based Murdock Builders Merchant. Premier Forest ROI Ltd is an eight-site subsidiary comprising of Brooks Timber and Building Supplies and Dublin Plywood and Veneer (DPV).
World’s First Hardwood Cross Laminated Timber is being Manufactured in Tasmania
The world’s first hardwood Cross Laminated Timber (CLT) has been officially launched by CLTP Tasmania and along with it their new brand CUSP Building Solutions. Cusp CLT is sourced from certified sustainable Tasmanian Plantation Oak (Eucalyptus Nitens), grown on the Island State of Tasmania, Australia.
Existing Homes Sales Decline for Fourth Consecutive Month in May
The National Association of Realtors® (NAR) is reporting that total existing home sales, which are completed transactions for single-family homes, townhomes, condominiums and co-ops, declined in May for the fourth straight month, down -0.9% below April to a seasonally adjusted rate at 5.80 million homes. Year-over-year sales are up 44.6% (4.01 million May 2020).
Federal Housing Finance Agency Releases Q1 Foreclosure Prevention & Refinance Report
The Federal Housing Finance Agency (FHFA), which regulates Fannie Mae, Freddie Mac and the 11 Federal Home Loan Banks, today (6-22-21) released their Q1 2021 Foreclosure Prevention and Refinance Report (FPRR), which shows that Fannie Mae and Freddie Mac (the Enterprises) completed 224,646 foreclosure prevention actions in Q1 of 2021, bringing the total number of homeowners who have been helped during conservatorships to 5.812 million.
Mass Timber Report Reveals a Large Number of Projects Reaching New Heights in Canada
A recent report produced by the Canadian federal government’s Green Construction Through Wood (GC Wood) program, “The State of Mass Timber Industry in Canada (SMTC) 2021”, shows just how far mass timber has come since the first two Canadian plants in Quebec and B.C. established cross-laminated timber production lines more than a decade ago.
Hot and Dry Conditions in the Western U.S. has New Wildfires at a 10-year High Level
According to data from the U.S. Bureau of Land Management (BLM), the number of new wildfires in the U.S. so far this year is at a 10-year high. Since January, more than a million acres have burned from more than 28,000 wildfires — the highest number of fires for this date since 2011. There are currently 33 active large fires across the West.
Huber Engineered Wood LLC Announces Plans to Build a New OSB Facility in Cohasset, Minnesota
Huber Engineered Woods LLC (HEW), a subsidiary of J.M. Huber Corporation, announced today (6-21-21) that it will build a new oriented strand board (OSB) facility in Cohasset, MN. The plant will increase the company’s production of innovative ZIP System® and AdvanTech® structural panels.
Price of Goods Used in Residential Construction Climb 3.6% Higher in May, 16.5% Year-Over-Year
According to the latest U.S. Bureau of Labor Statistic (BLS) Producer Price Index (PPI) with further analysis provided by the National Association of Home Builders (NAHB), the price paid for good used in residential constructions, less energy, rose 3.6% in May (not seasonally adjusted) and over the past 12 months have increased 16.5%.
Australia’s Vision for Forest Products Innovation
Citing other countries with world-leading forest industry research institutes that are delivering breakthrough discoveries right now, The Australian Forest Products Association (AFPA) and the University of Tasmania are calling on the Australian Federal Government to invest $100 million (A$) over the next 4-years, with matching funds coming from the industry to correct Australia’s research shortfall.