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.
Wood Markets News
U.S. Senators Urged to Heed Risks to Nations Forests
In his capacity as president of the National Association of State Foresters (NASF), Arkansas State Forester Joe Fox testified at a hearing before the U.S. Senate’s Agriculture Committee titled: “Federal, State, and Private Forestlands: Opportunities for Addressing Climate Change.” In his testimony, Fox warned lawmakers that without “significant investments,” the nation’s timberlands are at risk.
Existing Home Sales Decline 2.7% in April
The National Association of Realtors® (NAR) is reporting that total existing home sales — which are completed transactions for single-family homes, townhomes, condominiums and co-ops — declined in April for the third consecutive month, down -2.7% below March, to a seasonally adjusted rate at 5.85 million homes. Year-over-year sales are up 33.9% (4.37 million in April 2020).
Housing Market Shortages Have Fannie Mae Changing Several 2021 Economic Forecasts
Fannie Mae’s Economic and Strategic Group (ESR) has revised several of its 2021 forecasts. A full month of sub 3% mortgage rates, ongoing housing market supply constraints, and a 300% increase in lumber pricing over the past 15-months prompted the forecast revision.
Canadian New Home Prices Increase 1.9% in April, 9.9% Year-Over-Year
Statistic Canada (StatsCan) is reporting that new home prices at the national level increased 1.9% in April. Prices were up in 22 of the 27 census metropolitan areas surveyed. Continuing increases in construction costs pushed home prices higher in April. In Q1 of 2021, single-family home costs increased by 6.8%, while townhouses rose 6.9%.
U.S. Commerce Dept. Releases Preliminary Determination for the Second Administrative Review in Antidumping and Countervailing Duty Investigation on Certain Canadian Imported Softwood Lumber Products
The U.S. Department of Commerce released its preliminary determination for the Second Administrative Review in antidumping duty (AD) and countervailing duty (CVD) investigation.
April Median Home Price Sets New Record High; Home Availability Sets New Record Low
According to Redfin, the Seattle-based technology powered real estate brokerage, the national median home-sale price hit a record high in April of $370,528 — up 22% year-over-year. April 2021 set other new records as well.
Custom Home Building Starts Reported Flat in Q1 2021
The most recent U.S. Census data of Starts and Completions by Purpose and Design, with analysis provided by the National Association of Home Builders (NAHB), reveals that the market for custom home building continues to experience flat conditions amidst strong demand and rising material challenges. In Q1 of 2021, there were 36,000 total custom building starts.
Mortgage Rates Climb to 3% in the Week Ending May 20, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending May 20, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 3.00% with an average 0.6 point, up from last week when it averaged 2.94%. A year ago, at this time, the 30-year FRM averaged 3.24%.
Soaring Home Prices Are Keeping Many Would-Be Home Buyers as Renters
A recent CoreLogic survey indicated that 70% of consumers are citing high home inflation and surging home prices as a reason to rent. However, increased demand for rental properties is causing a problem of its own. The rental markets are growing more and more crowded and increasing demand for rentals risks creating a new affordability problem.