According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending March 19, 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.
Wood Markets News
The U.S. Forest Service Proposes Sweeping Plan to Remove Trees Burned and Killed Along Roads in Selected Oregon Wildfire Areas
A proposed sweeping plan of “treatment” to remove trees burned and killed along roads within the scars of Beachie Creek, Lionshead, and Holiday Farm fire has been proposed by the U.S. Forest Service. There are roughly 550 miles of road within the trio of fires and about 390 are proposed for “treatment” — meaning the cutting dead trees that might fall onto the road in the future.
Partnership Between Stora Enos and Technical University of Munich Promotes the Wellbeing Benefits of Wood
Working in partnership with the Technical University of Munich, Stora Enso Wood Products has launched a whitepaper showcasing the science behind the health and well-being benefits of building with timber. The in-depth literature review highlights such points as wood’s ability to reduce stress and boost productivity levels.
Shares of Mortgages in Forbearance Decline Further in Week Ending March 14, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 9 basis points from 5.14% of servicers’ portfolio volume in the prior week to 5.05% as of March 14, 2021.
New Home Sales Decline -18.2 % February but are up Year-Over-Year 8.2%
The U.S. Census Bureau reported that new residential single-family home sales for February 2021 were at a seasonally adjusted annual rate of 775,000, according to estimates. This is -18.2% below the revised January 2021 rate of 948,000 but is 8.2% above the February 2020 estimate of 716,000.
Lack of Available U.S. Forest Service Timber for Sale in the Black Hills Forces Neiman Enterprises to Close Hill City South Dakota Sawmill
Neiman Enterprises has announced that after 53 years of continuous operation, the company has decided to shutter its Hill City, South Dakota sawmill. In discussing the closure, Jim D. Neiman, President of Neiman Enterprises said, the mill closure is outside of the company’s control and comes as the result of a reduction in the amount of timber being sold by the U.S. Forest Service in the Black Hills.
Washington State Looks to Forest Lands for More than Just Logging
Washington state’s Department of Natural Resources (DNR) recently held a timber auction to sell off part of a 180-acre patch of state forestland where some of the state’s largest Douglas firs have stood through more than a hundred years of logging. The sale netted the state $4.2 million, and the trees were headed for a plywood mill.
Washington D.C. First Commercial Building Made of Mass Timber Under Construction
The first commercial office building made of mass timber in Washington D.C. will be leased to the American Trucking Association (ATA). The 80 M Street project was commissioned by Columbia Property Trust and designed by architecture firm Hickok Cole. The project will add 105,000 square feet and two new floors to an existing seven-story office building at 80 M Street.
Existing Homes Sales Drop 6.6% in February but Year-Over-Year are up 9.1%
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 — in February were -6.6% below January to a seasonally adjusted rate at 6.22 million homes.
Canadian Pacific Railway and Kansas City Southern Railroad Agree to Merge – Creating North America’s First Railroad Network to Connect Canada, the U.S. and Mexico
The Canadian Pacific Railway Limited (CP) and the Kansas City Southern (KCS) announced on Sunday, March 21, 2021 that they have entered into a merger agreement under which CP has agreed to acquire KCS in a stock and cash transaction representing an enterprise value of approximately USD $29 billion, which includes the assumption of $3.8 billion of outstanding KCS debt.