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.
Wood Markets News
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.
Canadian Dollar Closes in on 6-year High as Inflation Concerns Ease
On Friday (5-21-21), the Canadian Dollar rose against its U.S. counterpart as investors worries about U.S. inflation eased, while Canadian domestic data showed retail sales climbing in March and the Canadian Dollar moving close to a six-year high — established earlier in the week and completing its eighth straight weekly advances.
Half of Homes Sold Above Their Listing Price in the 4-week Period Ending May 16
According to Redfin, the Seattle-based technology-powered real estate brokerage, 50% of homes sold during the four weeks ending May 16, 2020 sold above their listing price. Year-over-year, this is an increase of 23 percentage points. During the four-week period, prices hit a record high of $352,975 and were up 24% year over year, also a record.
Canadian Financial Regulators Confirm New Qualifying Rates for Uninsured Borrowers Effective June 1st
On Thursday (5-20-21), Canadian financial regulators confirmed a new benchmark qualifying rate for uninsured borrowers would become effective on June 1, 2021. This occurred after the central bank earlier issued it strongest comments yet on the country’s red-hot housing market. Consultations with lenders over the move were launched in April.
Anthony Timberlands Inc. Announces $10 Million Investment in Malvern, Arkansas Sawmill
Anthony Timberlands Inc. (ATI), Arkansas’s third-largest forest products manufacturer, announced on Wednesday (5-19-21) that they will be investing $10 million in improvement to their 75-year-old pine sawmill in Malvern, Arkansas over the next six to eight months.
Glennon Brothers to Purchase Rival Balcas
Subject to approval from competition regulators, Glennon Brothers, owners of timber processing plants in Ireland and Scotland, has announced that they have agreed to purchase Northern Ireland, County Fermanagh-based Balcas from owner SHV Energy.