According to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index report, which covers all nine U.S. Census divisions, home prices on an annual basis gained 9.5% in November, up from 8.4% increase in October.
Wood Markets News
Federal Housing Finance Agency Reports November House Prices Increased 11% Year-Over-Year
According to the latest Federal Housing Finance Agency’s House Price Index (FHFA HPI®) house prices rose nationwide in November, up 1.0% from the October reading. Year-over-year house prices have increased 11.0% (November 2019 to November 2020).
U.S. International Trade Commission Determines Wood Mouldings and Millwork from China are Being Sold at Less Than Fair Value
The United States International Trade Commission (USITC) on Friday 22nd January 2021 determined that a U.S. industry is materially injured by reason of imports of wood mouldings and millwork products from China, that the U.S. Department of Commerce (Commerce) has determined are subsidized and sold in the United States at less than fair value.
Acquisition, Development and Construction Loan Volume Decreased in Q3 2020 as Cost of Borrowing Increased
During a period of rising builder confidence and expansion of single-family home building lending for construction declined. Continuing a period of weakness that began in Q4 of 2019.
Mortgage Delinquencies End 2020 3.4 million Higher
According to Black Knight, a provider of innovative, high performance software, data and analytics for mortgage and home equity lending and servicing, the final mortgage delinquency tally for December reveals that at year’s end, 1.54 million more delinquent and 1.7 million more seriously delinquent mortgages were being reported than at the start of 2020.
Existing Home Sales at Highest Level Since 2006
The National Association of Realtors® (NAR) reports that total existing home sales, completed transactions that include single-family homes, townhomes, condominiums, and co-ops increased 0.7% from November 2020, to a seasonally adjusted annual rate of 6.76 million in December.
Milan Lumber Company Announces Modernization Plans to Start in April
Milan Lumber Company, LLC, located in Milan, New Hampshire, has announced a $10 – $12 million dollar modernization plan that will make the plant safer, more efficient and hopefully more profitable. The company plans on commencing work in April, and that work will include the revamping of the planning mill and getting an additional drying kiln in operation by the fall.
Executive Order Extends Ban on Evictions and Foreclosures Through at Least End of March
President Biden, on Wednesday, January 20th, 2021, issued an executive order that called on the federal departments and to the extended their bans on evictions and foreclosures through at least the end of March.
Mortgage Rates Move Slightly Lower in Week Ending January 21st, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending 21st January 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.77% with an average 0.7 point, down from last week when it averaged 2.79%.
Remodeler Confidence Remained High in Q4 2020
The National Association of Home Builders’ (NAHB) is reporting in their Q4 2020 Remodeling Market Index (RMI) had a reading of 79. The reading shows remodelers’ strong confidence in their markets, for projects of all sizes, in spite of the ongoing negative impacts from the COVID-19 pandemic.