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 5.05% of servicers’ portfolio volume in the prior week to 4.96% as of March 21, 2021.
Wood Markets News
La Trobe University, Bundoora Campus, Home to Largest Mass Timber Project in the state of Victoria, Australia
The $100 million (A$) student accommodation project at La Trobe University, Bundoora campus, in north-east Melbourne Australia has been completed. The project, with 624-beds across two separate six-level buildings, marks the largest single investment in La Trobe University’s 50-year history.
Metsä Fibre Updates Construction Progress at New Rauma Finland Sawmill
Metsä Fibre, a part of Metsä Group, is reporting that the foundation stone has been laid and work continues at the site of their new sawmill in Rauma, Finland. Due to the coronavirus all of the stonework was done without any external participants.
New Zealand’s Sawmills Struggling to Keep Up with Increasing Domestic Demand
According to the New Zealand Timber Industry Federation (NZTIF), a flourishing domestic timber market for residential building and outdoor use has the countries lumber mills struggling to keep up current demand. One producer has gone so far as to completely stop supplying structural timber to some retailers. To meet the surge in domestic demand, some mills are diverting timber set for export back into domestic use.
State Employment and Unemployment Report for February 2021
The U.S. Department of Labor’s Bureau of Labor Statistics (BLS) has released the February 2021 State Employment and Unemployment report. This news release presents statistics from two monthly programs. The civilian labor force and unemployment data are modeled based largely on a survey of households. According to the BLS, unemployment rates were lower in February in 23 states and D.C., higher in 4 states, and stable in 23 states.
CDC Extends Order Aimed at Preventing Evictions for Failure to Pay Rent through June
With the renter eviction moratorium set to expire at the end of March, The Centers for Disease Control and Prevention (CDC) announced today, Monday, March 29, 2021, that it is extending an order aimed at preventing evictions through June.
Median Home Sales Price Increase 16% Year-Over-Year While Listing Fall 42%
According to Redfin, the technology-powered real estate brokerage, for the past 4-week period, which ended on March 21, the median home sales price increased year-over-year (YOY) by 16% to an all-time high record of $331,590.
Harvard University Study Shows How Pandemic Helped Boost Home Improvement Industry
A new report recently released by the Harvard Joint Center for Housing Studies, “Improving America’s Housing 2021,” reveals that while the U.S. economy contracted by -3.5% in 2020, spending on home improvements and repairs increased more than 3% to nearly $ 420 billion — the result of households altering living spaces for work, school, and family time in response to the COVID-19 pandemic.
Construction on the Largest Mass Timber Office Building in South Carolina has Started
Construction has officially begun on the BullStreet District’s 79,000 sq. ft. WestLawn office building in downtown Columbia South Carolina. The five-story office building was designed by globally renowned architectural firm Perkins and Will in collaboration with Robinson Gray Stepp & Laffitte, LLC.
More Consumers Anticipate Purchasing a Home in the Next Four Months
The recently-published New York Federal Reserve Bank, December Household Spending Survey — with additional analysis provided by the National Home Builders Association — reveals a modest increase in household spending over the past four months (September through December), and a noticeable increase in the median expectation for year-ahead household spending to highest level since August 2015.