According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending May 21, 2021, the Market Composite Index — a measure of mortgage loan application volume — decreased -4.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased- 4% compared with the previous week.
Wood Markets News
Record Dry Soil and Vegetation in U.S. West Creates Potential for Increasingly Dangerous Wildfire Season
Last year’s wildfire season in the western U.S. set new records for damage and destruction. This year’s wildfire season is shaping up to be potentially worse. According to scientists, the soil is at record dry levels for this time of year — so is the vegetation that can fuel wildfires.
Sales of New Single-Family Home Sales Drop 5.9% in April
The U.S. Census Bureau is reporting that new residential single-family home sales for April 2021 were at a SAAR of 863,000, according to estimates. This is -5.9% below the revised March rate of 917,000 but is 48.3% above the April 2020 estimate of 582,000.
Federal Housing Finance Agency Quarterly House Price Index up 12.6% from Q1 2020 to Q1 2021
According to the Federal Housing Finance Agency (FHFA) House Price Index (HPI®), U.S. house prices increased 12.6% from Q1 2020 to Q1 2021. This marks the 39th consecutive quarter of home price increase, or since September 2011. Compared to Q4 2020, house prices were up 3.5%.
S&P CoreLogic Case-Shiller Index Reports Year-Over-Year Home Prices Climbed 13.2% in March
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 13.2% annual gain in March 2021, up from 12% in the previous month. The 10-City Composite annual increase came in at 12.8%, up from 11.7% in the previous month.
Shares of Mortgages in Forbearance Decline for Twelfth Week in a Row in Week Ending May 16, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 3 basis points from 4.22% of servicers’ portfolio volume in the prior week to 4.19% as of May 16, 2021. According to MBA’s estimate, 2.1 million homeowners are in forbearance plans.
The Conference Board Reports Consumer Confidence Held Steady in May
The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today (5-25-21) their Consumer Confidence Index® (CCI) for May 2021. The CCI held steady in May following gains in April and a strong monthly gain in March. The Index now stands at 117.2 (1985=100), down slightly from 117.5 in April.
Hot Temperatures and Dry Conditions Put Idaho’s Forests at High Risk for Wildfires
According to the Bureau of Land Management (BLM), more than 120 wildfires have already been reported in Idaho in 2021 and we are just approaching the official start of wildfire season. Fire management chief, Josh Harvey, with the Idaho Department of Lands (IDL) is worried, saying “We’re definitely below our level of moisture that should be sitting in the ground right now.”
Due to Lumber and Panel Shortages Florida Residents Urged to Prepare for Hurricane Season Now
Hurricane season is scheduled to start in less than 2-weeks and Florida residents are being urged to start thinking about their preparations before any storms threaten the Sunshine State. This year’s preparations are going to be different, due to the ongoing shortage of lumber and panels and their higher prices.
Russia Announces Export Duties on Green Lumber Effective July 1, 2021
According to a Russian government order signed by Prime Minister Mikhail Mishustin on Friday (5-21-21), an export tax as high as 10% will be imposed on the sales of several kinds of Russian wood.