According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending January 29th, 2021, the Market Composite Index, a measure of mortgage loan application volume, increased 8.1% on a seasonally adjusted basis from one week earlier.
Wood Markets News
ADP Reports Private Sector Employment Increased by 174,000 Jobs in January
According to the August ADP National Employment Report® nonfarm private sector employment increased by 174,000 jobs from December to January. The ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Moody’s Analytics.
Western Forest Products Cowichan Bay Sawmill Workers Ratify New 8-year Agreement
Members of Local 8 of the Public and Private Workers of Canada Union working at the Western Forest Products Cowichan Bay Sawmill have ratified and eight-year collective bargaining agreement with the company. Assuring seventy workers and their families job security through 2028.
Brazilian Exports of Wood-Based Products Increase 22% Year-Over-Year in November 2020
According to the International Tropical Timber Organization (ITTO) the value of Brazilian exports of wood-based products (except pulp and paper) in November 2020 amounted to $299.3 million (USD), an increase of 22% when compared to November 2019 (when the value was $245.1 million USD).
Canadian Gross Domestic Product Grew 0.7% in November
According to Statistics Canada (StatCan), Canada’s real gross domestic product (GDP) grew 0.7% in November, following a 0.4% increase in October. Marking the seventh successive month of gains and helping to offset the steepest drops on record in March and April.
November’s Monthly Furniture Insight Survey Reports Increased Demand for Residential Furniture as the Economy Continues to Recover from Pandemic
Smith Leonard’s latest Monthly Furniture Insight survey of residential furniture manufacturers and distributors reported November was another month of continuing improvement. New orders were up 17% year-over-year in November.
Shares of Mortgages in Forbearance Remained Unchanged in Week Ending January 24th, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance remained unchanged relative to the prior week at 5.38% of servicers’ portfolio volume as of January 24, 2021. According to MBA’s estimate, 2.7 million homeowners are in forbearance plans.
West Fraser Timber Co. Ltd Completes Norbord Inc. Transaction
West Fraser Timber Co. Ltd and Norbord Inc., today (2-1-21) jointly announced that they have successfully completed the previously announced transaction, whereby West Fraser has acquired all of the issued and outstanding common shares of Norbord. Under the terms of the Transaction, holders of Norbord Shares received 0.675 of a common share of West Fraser for each Norbord Share held.
Buyers Perception of Housing Availability Improved in Q4 According to Latest Housing Trends Report
According to the latest Housing Trends Report from the National Association of Home Builders (NAHB) buyer’s perception about housing availability showed significant improvement in Q4 2020. In Q4, 37% of prospective buyers expected their search for a home would be easier in the months ahead, while 54% expected it to be more difficult or remain the same.
Rural Area Housing Inventory Shortages Drive Overall Housing Market Crunch
According to Redfin, the Seattle-based nationwide real estate brokerage firm, the housing inventory crunch continues to grow in the new year and in all sectors of the market. Especially hard hit has been rural areas, where city dwellers currently seem to be drawn and which recently set a new record low for available inventory.