The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 2 basis points from 4.18% of servicers’ portfolio volume in the prior week to 4.16% as of May 30, 2021. According to MBA’s estimate, 2.1 million homeowners are in forbearance plans.
Wood Markets News
U.S. Bureau of Labor Statistics Job Opening and Labor Turnover Survey for April 2021
The U.S. Bureau of Labor Statistics (BLS) today (6-8-21) reported its Job Opening and Labor Turnover Survey (JOLTS) for April 2021. According to the JOLTS report, as of the last business day in April, the number and rate of job openings reached a series high of 9.3 million (+998,000) or +6.0%. Hires were little changed at 6.1 million or +4.2%.
New Brunswick to Hold Timber Royalty Rates at 6-years Ago Levels, While Other Provinces Raise Theirs
Elevated prices for finished lumber and panel products have led several Canadian provinces to raise the timber royalty rates they are charging to lumber manufacturing companies. New Brunswick is not, at least not as of yet. The province instead continues to standby a decision made to keep its royalty rates frozen at levels set 6-years ago by the former government.
Swinerton Mass Timber Brand Transitions to Timberlab
Swinerton Inc., the Portland Oregon based, 100% employee-owned company, has announced that it will be transitioning the Swinerton Mass Timber brand to Timberlab, while reinforcing the company’s general contracting roots and retaining the company’s vision of the mainstream adoption of mass timber construction.
Redfin Sees Potential Early Warning Signs of a Cooling in the Red-Hot Housing Market
Redfin, the Seattle-based technology-powered real estate brokerage, is reporting that in the 4-weeks ending May 30, 2021, both pending sales asking prices began to decline or flatten. Redfin noted that some of the key takeaways for the time period could be potential signs that the housing market might be cooling down.
Buyers Reluctance to Purchase Homes Reported in Fannie Mae’s May Home Purchasing Sentiment Index
According to the latest Fannie Mae Home Purchase Sentiment Index® (HPSI), only 35% of consumers believe now is a good time to buy a home. The HPSI increased by 1.0 points in May to a reading of 80.0. Four of the six HPSI’s components increased month-over-month, most notably the components related to personal finance, as consumers reported a much greater sense of job security and improved household income compared to the same time last year.
Construction Sector Employment Declines by 20,000 in May
A deeper dive into the U.S. Bureau of Labor Statistics (BLS) total nonfarm payroll employment report for May, with an emphasis on the construction sector, reveals that total nonfarm payroll increased by 559,000 and the unemployment rate declined by -0.3 point to 5.8% percent. However, employment in the overall construction sector declined by -20,000 in May, following a revised decrease of 5,000 jobs in April.
San Group Announces $ 100 Million Investment in Port Alberni Forestry Operations
On Wednesday, June 3, 2021, San Group announced that over the next year it plans to invest $100 million (CAD) into its Port Alberni forestry operations. There are four projects that will receive money from the investment. The largest portion of the investment of $50-60 million is part of an agreement to ship lumber via container ships from the city’s deep seaport.
Brazilian Exports of Wood-Based Products Increased 57.5% Year-Over-Year in April 2021
According to the International Tropical Timber Organization (ITTO), the value of Brazilian exports of wood-based products (except pulp and paper) in April 2021 amounted to US$376.4 million — an increase of 57.5% when compared to April 2020, when they were valued at US$238.9 million.
Town of Ashland, Maine to Invest in Environmentally Sustainable Wood Building Product Manufacturing
The town of Ashland Maine recently joined a new initiative that has as its goal to begin investing in a more environmentally sustainable wood building product. Original Mass Timber Maine is a three-year market development program with the goal of opening at least one facility to manufacture original mass timber, also known as structural round timber (SRT), within the next two years.