The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 8 basis points from 3.08% of servicers’ portfolio volume in the prior week to 3.00% as of September 12, 2021. According to MBA’s estimate, 1.5 million homeowners are in forbearance plans.
Wood Markets News
Builder Confidence Improves in September, Ending 3-month Slide
On Monday (9-20-21), The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) reported that builder sentiment in the market for newly built single-family homes edged 1-point higher in September to a reading of 76.
Drax Group Announces Construction is Underway on its Second Satellite Pellet Plant in Arkansas
The Drax Group announced on Friday (9-17-21) that construction is underway on the second of three planned satellite pellet plants to be built in Arkansas. The move is part of a $40 million investment by Drax in the state.
The Number of Communities Participating in B.C.’s Tall Wood Initiative Continues to Grow
The City of New Westminster, British Columbia has joined 20 other B.C. communities — along with the City of Vancouver, which has its own similar initiative — in participating in the province’s Tall Wood Initiative.
Home Sales and Economic Growth Continue to be Slowed by Labor and Supply Chain Limitations
According to the September 2021 commentary from the Fannie Mae Economic and Strategic Research (ESR) Group, for the second month in a row, expectations for near-term real GDP growth were revised downward-and-outward due to persistent supply chain disruptions and labor market tightness.
U.S. Bureau of Labor Statistics Releases State-by-State Unemployment and Employment Report for August
According to the latest U.S. Bureau of Labor Statistics (BLS) state-by-state unemployment and employment report for August, unemployment rates were lower in 15 states and D.C. and stable in 35 others.
Log Yard Fire at West Fraser Sawmill in Chetwynd, B.C. Destroys Thousands of Logs
News 1130, a Vancouver based AM radio station, is reporting a major fire at the West Fraser Sawmill in Chetwynd, British Columbia (northern) on Thursday. According to Chetwynd Mayor Allen Courtoreille, the wind carried sparks from one pile to another.
Södra Expands into Denmark with a Complete Line of CLT Panels and Accessories
Södra, a forestry cooperative based in Växjö, Sweden, has announced that its complete offering of CLT panels for frame assembly with complementary products and services will now be available in the Danish market starting in September. This is the first step of Södra’s plan to expand their business into Europe.
Ikea’s Owner Purchases 5500 Hectares of New Zealand Farmland with Plans to Plant it into Forestland
Ingka Group, which owns retail giant Ikea, has purchased 5500 hectares of Otago, New Zealand farmland that it plans to plant into forest. In August, the Overseas Investment Office approved the purchase of Wisp Hill buy the Ingka Group.
Share of Custom Home Building Declines in Census Bureau’s Survey of Construction for 2020
Data from the U.S. Census Bureau’s Survey of Construction (SOC), with analysis provided by the National Association of Home Builders (NAHB), reveals that the custom home share decreased to 17.8% of all single-family homes started in 2020. That is the lowest annual custom home share has been since the redesigning of the SOC in 2005.