The Forest Enhancement Society of British Columbia (FESBC) is helping to support jobs in Mackenzie, B.C. by awarding nearly $615,000 (CAD) to East Fraser Fiber Co. Ltd. (EFF) to help in the recovery of close to 30,000 cubic meters of low-quality fiber that would otherwise not been used.
Wood Markets News
Canadian Consumer Price Index Rises 3.1% Year-Over-Year in June, Falls Month-Over-Month
Statistics Canada (StatsCan) reported today (7-28-21) that The Consumer Price Index (CPI) rose 3.1% on a year-over-year basis in June, down from a 3.6% gain in May. As a result of price increases in June 2020, base-year effects had a downward impact on consumer inflation, contributing to the slowdown in June 2021.
Affordability Continues to Challenge Homebuyers
On Tuesday (7-27-21), the First American Financial Corporation — a leading global provider of title insurance, settlement services, and risk solutions for real estate transactions headquartered in Santa Ana, California — released the May 2021 First American Real House Price Index (RHPI).
U.S. Census Bureau Reports Home Ownership Rate in Q2 2021 at 65.4%
On Tuesday (7-27-21) the U.S. Census Bureau released the results of Bureau’s Q2 2021 Housing Vacancy Survey. According to the survey, the national vacancy rates in Q2 of 2021 was 6.2% for rental housing and 0.9% for homeowner housing. The rental vacancy rate was 0.5% points higher than the rate in Q2 2020 (5.7%) and -0.6% points lower than the rate in Q1 2021 (6.8%).
Mortgage Applications Increase in the Week Ending July 23, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending July 23, 2021, the Market Composite Index, a measure of mortgage loan application volume, increased 5.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 6% compared with the previous week.
S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index Up 16.6% Year-Over-Year
According to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which covers all nine U.S. Census divisions, home prices experienced a 16.6% annual gain in May 2021, up from 14.8% in April and 13.3% in March.
Freddie Mac Multifamily Midyear Outlook Projects Higher Rents, Fewer Vacancies, and Greater Market Sales Activity
On Monday, July 26, 2021, Freddie Mac Multifamily, the nation’s multifamily housing finance leader, released its Multifamily Midyear Outlook (MMO). The MMO reports that demand for multifamily housing is now ahead of pre-pandemic levels. As a result, the MMO is projecting higher rents, falling vacancies and a record-setting originations market in the remainder of 2021.
Federal Housing Finance Agency Reports U.S. Home Prices Increased 1.7% Month-Over-Month and 18.0% Year-Over-Year in May 2021
According to the latest Federal Housing Finance Agency (FHFA) House Price Index (HPI®), U.S. house prices increased 1.7% in May, up from April 2021’s unrevised 1.6% increase. House prices increased 18.0% from May 2020 to May 2021.
The Conference Board Reports Consumer Confidence Index Little Changed in July
The Conference Board — a non-partisan, not-for-profit think tank founded in 1916 — released today (7-27-21) their Consumer Confidence Index® (CCI) for July 2021. The CCI was little changed in July, following five consecutive monthly gains. The Index now stands at 129.1 (1985=100), up slightly from June’s 128.9 reading.
Despite Modest Uptick in New Requests, Shares of Mortgages in Forbearance Decline for 21st Consecutive Week During the Week Ending July 18, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance fell by 2 basis points from 3.50% of servicers’ portfolio volume in the prior week to 3.48% as of July 18, 2021. According to MBA’s estimate, 1.74 million homeowners are in forbearance plans.