J.P. Morgan Asset Management announced on Monday (6-21-21) that they have acquired forest management and timberland investing company, Campbell Global, LLC. The terms of the transaction with Campbell Global’s parent company, BrightSphere Investment Group, were not disclosed.
Wood Markets News
Mortgage Applications Increase 2.1% in the Week Ending June 18, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending June 18, 2021, the Market Composite Index — a measure of mortgage loan application volume — increased by 2.1% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 1% compared with the previous week.
City of Port Alberni to Expropriate Western Forest Products Somass Sawmill Lands
Western Forest Products (WFP) has been served with a notice of expropriation by the City of Port Alberni for their Somass Sawmill lands. The Somass Sawmill lands comprise 43 acres of prime waterfront industrial property in the center of the city’s waterfront — both the mill site and parking lot.
Wood Engineering Technology Embarks on Lumber Revolution with Opening of Gisborne Facility
Gisborne, a city located on the east coast of New Zealand’s North Island, is the center of a potential $200 million (NZD) “revolution” in wood processing and New Zealand home building. The official opening of Wood Engineering Technology’s (WET) plant, the only one of its type in the world, is producing a breakthrough product OEL.
Shares of Mortgages in Forbearance Decline for Sixteenth Week in a Row in Week Ending June 13, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 11 basis points from 4.04% of servicers’ portfolio volume in the prior week to 3.93% as of June 13, 2021. According to MBA’s estimate, 2 million homeowners are in forbearance plans.
Premier Forest Group (UK) Announces Sale of Irish Subsidiary Premier Forest ROI Ltd
Premier Forest Group has announced that it has sold, for an undisclosed price, their Irish subsidiary Premier Forest ROI Ltd to Northern Ireland based Murdock Builders Merchant. Premier Forest ROI Ltd is an eight-site subsidiary comprising of Brooks Timber and Building Supplies and Dublin Plywood and Veneer (DPV).
World’s First Hardwood Cross Laminated Timber is being Manufactured in Tasmania
The world’s first hardwood Cross Laminated Timber (CLT) has been officially launched by CLTP Tasmania and along with it their new brand CUSP Building Solutions. Cusp CLT is sourced from certified sustainable Tasmanian Plantation Oak (Eucalyptus Nitens), grown on the Island State of Tasmania, Australia.
Existing Homes Sales Decline for Fourth Consecutive Month in May
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 May for the fourth straight month, down -0.9% below April to a seasonally adjusted rate at 5.80 million homes. Year-over-year sales are up 44.6% (4.01 million May 2020).
Federal Housing Finance Agency Releases Q1 Foreclosure Prevention & Refinance Report
The Federal Housing Finance Agency (FHFA), which regulates Fannie Mae, Freddie Mac and the 11 Federal Home Loan Banks, today (6-22-21) released their Q1 2021 Foreclosure Prevention and Refinance Report (FPRR), which shows that Fannie Mae and Freddie Mac (the Enterprises) completed 224,646 foreclosure prevention actions in Q1 of 2021, bringing the total number of homeowners who have been helped during conservatorships to 5.812 million.
Mass Timber Report Reveals a Large Number of Projects Reaching New Heights in Canada
A recent report produced by the Canadian federal government’s Green Construction Through Wood (GC Wood) program, “The State of Mass Timber Industry in Canada (SMTC) 2021”, shows just how far mass timber has come since the first two Canadian plants in Quebec and B.C. established cross-laminated timber production lines more than a decade ago.