The Bureau of Economic Analysis (BEA) reported today (4-29-21) that its “advance” estimated Real Gross Domestic Product (GDP) for Q1 of 2021 increased at an annual rate of 6.4%. In Q4 of 2020, real GDP increased 4.3%.
Wood Markets News
Weekly Jobless Claims Decline in the Week Ending April 24, 2021
The U.S. Department of Labor is reporting that an additional 553,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, April 24, 2021 — a decrease of 13,000 from the previous week’s revised level.
Eco Development Group to Build CLT House Kits Plant for Residential Construction in Parry Sound, Ontario, Canada
Parry Sound, Ontario, Canada, is about to become the home of a new 400,000-square-foot manufacturing facility that will produce cross-laminated timber (CLT) house kits for residential construction use in Canada. The house kit also includes all interior workings of the house.
U.S. Census Bureau Reports Q1 2021 Residential Vacancies & Homeowner Statistic
The U.S. Census Bureau reported on Tuesday (4-27-21) the results of their Q1 2021 residential vacancies and homeowner statistics. The national vacancy rate in Q1 2021 were 6.8% for rental housing and 0.9% for homeowner housing. Little changed from Q1 2020 rates of 6.6% and 0.3% higher than the Q4 2020 rate.
Mortgage Applications Decline in the Week Ending April 23, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey for the week ending April 23, 2021, the Market Composite Index — a measure of mortgage loan application volume — decreased -2.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -2% compared with the previous week.
The “Top 10” 2020 Canadian Lumber Producers Survey Reflects the Impacts of the COVID-19 Pandemic on the Industry
The Forest Economic Advisors LLC, (FEA) annual survey of the “Top 10” Canadian lumber producers reflects the unprecedented year that the industry has seen as a result of the COVID-19 pandemic. The Canadian lumber market had been tough in 2019 with a number of mill curtailments and closures, but there were signs of a recovery late in the year and into the first months of 2020.
Federal Housing Finance Agency Reports U.S. Home Prices Increase 0.9% in February 2021; Up 12.2% Year-Over-Year
The Federal Housing Finance Agency (FHFA) Home Price Index (HPI) reports that U.S. house prices rose 0.9% from January 2021, but were up 12.2% year-over-year (February 2020 to February 2021). The previously reported 1.0 percent price change for January 2021 remained unchanged.
U.S. Census Bureau Reports 90% of New Home Sales Financed by FHA or Conventional Mortgage Loans
The most recent U.S. Census Bureau’s Quarterly Sales by Price and Financing with analysis provided by the National Association of Home Builders (NAHB) reveals that conventional loans financed the largest share of new home sales since 2018. The share of sales backed by conventional loans in the Q1 2021 increased 2.8 percentage points (quarter-over-quarter) to 71.6% and 2.1 percentage points since Q1 2020.
S&P CoreLogic Case-Shiller Index Reports Annual Home Prices Gained 12% in February 2021
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which covers all nine U.S. Census divisions, reported that home prices experienced a 12.0% annual gain in February 2021, up from 11.2% in January. The 10-City Composite annual increase came in at 11.7%, up from 10.9% in the previous month.
Shares of Mortgages in Forbearance Decline for Eighth Straight Week in Week Ending April 18, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 1 basis point from 4.50% of servicers’ portfolio volume in the prior week to 4.49% as of April 18, 2021. According to MBA’s estimate, 2.25 million homeowners are in forbearance plans.