According to the latest Mortgage Bankers Association’s (MBA) CREF Loan Performance Survey, delinquency rates for mortgages backed by commercial and multifamily properties decreased for the third straight month in March, reaching their lowest levels since April 2020 and the onset of the COVID-19 pandemic.
Wood Markets News
NorSask Forest Products Ltd. Mill in Meadow Lakes B.C. Loses 2 Dry Kilns in Fire
NorSask Forest Products Ltd has provided an update on the cleanup efforts that are currently underway at their Meadow Lake sawmill after a fire that broke out on Saturday, March 27, 2021 destroyed two dry kilns.
Total Value of Canadian Building Permits Issued in February Sets New Record
Statistics Canada (StatsCan) is reporting that the total value of building permits issued in February broke the $10-billion mark for the first time, as a jump in the non-residential sector more than offset the decline in the residential sector.
Construction Spending Declines in February 2021
The U.S. Census Bureau has announced that total construction spending during February was estimated at a seasonally adjusted annual rate (SAAR) of $1,516.9 billion, -0.8% below the revised January estimate of $1,529.0 billion.
Weekly Jobless Claims Increase in the Week Ending March 27, 2021
The U.S. Department of Labor is reporting that an additional 719,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday March 27, 2021. An increase of 61,000 from the previous week’s revised level. The 4-week moving average was 719,000, a decrease of 10,500 from the previous week’s revised average.
30-Year Mortgage Rate Slightly Higher in the Week Ending April 1, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending April 1, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 3.18% with an average 0.7 point, up from last week when it averaged 3.17%.
Announced Job Cuts 86% Lower Year-Over-Year in March 2021
According to the latest report by Challenger, Gray & Christmas (CG&C), Inc, a global outplacement and business and executive coaching firm, planned job cuts announced by U.S. based employers fell 86% in March to 30,603 from the 222,288 job cuts announced in March 2020, when the fallout from the COVID-19 lockdowns began to impact businesses across the country.
Pending Home Sales Index Decline for Second Month in a Row in February
The National Association of Realtors® (NAR) has reported that their Pending Homes Sales Index (PHSI) — which is based on signed real estate contracts, not actual closings, for existing single-family homes, condos, and co-ops — declined for the second month in a row, failing -10.6% in February to a reading of 110.3.
Canadian Real GDP Increases 0.7% in January
Statistics Canada (StatsCan) is reporting that real gross domestic product (GDP) in Canada rose 0.7% in January, following 0.1% growth in December. This marks the ninth consecutive monthly increase, continuing to offset the steepest drops on record in Canadian economic activity observed in March and April 2020.
Japan’s Housing Starts Decline Further in February
According to data released by the Ministry of Land, Infrastructure, Transportation and Tourism on Wednesday, March 31, 2021, Japan’s housing starts continued their decline in February. Year-over-year housing starts in Japan decreased -3.7% in February.