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.
Wood Markets News
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.
KSI Sawmills Announces $4.5 Million Investment in New South, Australia Sawmill
KSI Sawmills has announced that they are making a $4.5 million-dollar (A$) investment in South Australia’s timber industry. KSI Sawmill currently operates a small mill at Nuriootpa and plans on building a new mill which will be strategically located allowing for expansion, offering improved transportation routes central to both local timber plantations and downstream markets.
Stora Enos Provides Additional Information on the Closure of their Veitsiluoto Pulp and Paper Mill
Responding to reduced demand in the paper market, Stora Enos announced back in April 2021 that it planned to permanently close down pulp and paper production at its Kvarnsveden and Veitsiluoto mills. As a result of the co-determination negotiations regarding the Veitsiluoto site, the three paper machines, chemical pulp and groundwood production, and the sheeting plant will be closed permanently.
Home Buying Demand Softens Slightly but Home Prices Continue to Escalate
Redfin, the Seattle-based technology powered real estate brokerage firm, is reporting that their Homebuyer Demand Index was down -14% from its peak 9 weeks ago and pending sales have declined -10% from their early-May peak. For the 4-week period ending June 13, 2021, Redfin is reporting that the asking price of newly listed homes were up 14% year-over-year, to a median of $363,450, down -0.2% from $364,225 during the 4-weeks period ending June 6, 2021.
New Home Purchase Mortgage Applications Declined for the Second Consecutive Month in May, Falling -5.9%
According to the Mortgage Bankers Association’s (MBA) Builder Application Survey (BAS) data for May 2021, mortgage applications for new home purchases decreased -5.9% compared from a year ago. Compared to April 2021, applications decreased by -9%. This change does not include any adjustment for typical seasonal patterns.