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%.
Wood Markets News
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.
Finnish Company to Launch World’s First Wooden Satellite Before Year’s End
Arctic Astronautics, a Finnish company, plans to launch the world’s first wooden satellite, Woodsat, into orbit before the end of the year. The mini satellite will carry sensors on board, including a pressure sensor and an LED with a photoresistor, which can be used to monitor the satellite’s condition.
South Central Oregon Fire Danger Level Elevated to High
According to a press release provided by the South Central Oregon Fire Management Partnership (SCOFMP), as of Friday morning (6-11-21), the Fire Danger level in the area has been elevated to “High”. Early season summer-like hot, dry weather, depleted snowpack and rapid drying of forest fuels have resulted in fire danger levels reaching “High”.
Resolute Forest Products Announces $50 Million Investment to Support Wood Products Growth
Resolute Forest Products Inc., announced on Thursday (6-10-21) that the company was making an additional capital investment of $50 million in its wood products operations to support its continued growth.
U.S. Real Estate Values Soar Higher in Q1 2021
According to the latest results from the Federal Reserve’s Z.1 Financial Accounts of the United States, also known as the ‘Flow of Funds”, with analysis provided by the National Association of Home Builders (NAHB) in Q1 of 2021, the aggregate market value of all owner-occupied real estate in the US registered the largest numerical quarterly increase in the last 20 years’ worth of data.
Mortgage Credit Availability Eases in May
According to Mortgage Bankers Association’s (MBA) Mortgage Credit Availability Index (MCAI), which analyzes data from the Ellie Mae’s AllRegs® Market Clarity® business information tool, mortgage credit availability increased in May. The MCAI rose by 1.4% to 129.9.
Index of Consumer Sentiment for June up 4.2% Month-Over-Month, 20.5% Year-Over-Year
The University of Michigan today (6-11-21) released its preliminary Index of Consumer Sentiment (ICS) for June. Month-over-month the ICS rose 4.2% from 82.9% in May to 86.4% in June. When compared to June 2020, the ICS increased 10.6% or 78.1% to 86.4%.
Fire Season Starts Early in Northeast Oregon
With fire conditions and behaviors typically seen in mid-to-late July currently taking place, forest managers in northeast Oregon are declaring an early start to the 2021 fire season. The announcement was made on Tuesday (6-8-21), as Oregon Department of Forestry firefighters worked to contain two wildfires ignited by lighting in the region.
Canadian Total Investment in Building Construction Increases 6.3% in April
Statistics Canada (StatsCan) is reporting that total investment in building construction increased 6.3% to $19.9 billion (CAD) in April. Residential construction investment continues to lead the way, rising for the 12th consecutive month.