The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) is reporting that builder confidence in the market for newly built single-family homes declined 2 points to a reading of 81 in June. This is its lowest level since August of 2020 and after builder confidence topped at a level of 90 last November.
Wood Markets News
Producer Price Index for Final Demand Increases 0.8% in May
The Bureau of Labor Statistics (BLS) reported today (6-15-21) that the Producer Price Index for final demand, seasonally adjusted, increased 0.8% percent in May. Final demand prices rose 0.6% in April and 1.0% in March and 0.5% in February.
Shares of Mortgages in Forbearance Decline for Fifteenth Week in a Row in Week Ending June 6, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 12 basis points from 4.16% of servicers’ portfolio volume in the prior week to 4.04% as of June 6, 2021. According to MBA’s estimate that still 2 million homeowners are in forbearance plans.
PotlatchDeltic Corp Confirms Blaze at the Ola, Arkansas Sawmill
PotlatchDeltic Corporation is confirming reports of a fire at their Ola, Arkansas, sawmill on the morning of Sunday June 13, 2021. The fire occurred in the primary log breakdown area of the mill. The planer mill, kiln and shipping department were not impacted by the blaze.
Demand for Second Homes Continued to Cool in May
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%.
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.