Redfin, the Seattle-based technology-powered residential real estate company, is reporting for the 4-week period ending 2-21-21, the average asking prices of newly listed homes hit a new all-time high of $343,961, up 11% year-over-year.
Wood Markets News
Builder and Developer Confidence in the Multifamily Housing Market Decline in Q4 2020
According to the results of the latest National Association of Home Builders (NAHB) Multifamily Market Survey (MMS), builders and developer confidence in the multifamily market fell in Q4 of 2020. The MMS is broken into two separate indices: The Multifamily Production Index (MPI), which fell 5 points to 43; and the Multifamily Vacancy Index (MVI), which edged down two points to 42.
Led by Higher Prices for Wood Products, Canada’s Industrial Product Price Index Increased 2% in January
Statistics Canada (StatsCan) reported today (2/26/21) that prices for products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), rose 2.0% in January. This is the result of higher prices for lumber and other wood products, as well as energy and petroleum products.
Sveza Adds Second CNC Machine to St. Petersburg Russia Mill
Sveza, one of the world leaders in birch plywood production, has installed a second CNC machine at its St. Petersburg, Russia mill. The new CNC machine has programed numerical controls and a distinctive feature of the new CNC machine is its ability to perform operations with plywood of large and non-standard formats.
University of Michigan Consumer Sentiment Ends February -2.8% below January’s Reading
The Index of Consumer Sentiment is at a reading of 76.8. This is below January’s reading of 79.0 (-2.8%) and down from February 2020 reading of 101.0 (-24.0%).
Aftermath of Hurricane Michael Continues to Pose Wildfire Threat in Northwest Florida
More than 2 years later the aftermath of the storm is still visible and continues to pose a wildfire threat, which according to State Forester Erin Albury could continue over the next five to eight years.
Federal Housing Finance Agency Extends Forbearance Period to 18-Months
The Federal Housing Finance Agency (FHFA) on Thursday (2/25/21), announced that borrowers with mortgages backed by Fannie Mae and Freddie Mac may be eligible for an additional forbearance extension of up to six months. On February 9th, the FHFA extended forbearance plans an additional three months beyond their initial 12-month expiration.
Real GDP Increases 4.1% in Q4 2020 in Bureau of Economic Analysis “Second” Estimate
According to the “second” estimate released by the Bureau of Economic Analysis (BEA), real gross domestic product (GDP) increased at an annual rate of 4.1% in Q4 of 2020.
Weyerhaeuser Company Announces the Purchase 69,200 Acres of High-Quality Alabama Timberland
Weyerhaeuser Company today (2/25/21) announced that they had reached an agreement to purchase 69,200 acres of high-quality Alabama timberland from Soterra, a subsidiary of Greif, Inc., for approximately $149 million.
30-Year Mortgage Rate Increases to 2.97% in the Week Ending February 25, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending February 25th, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.97% with an average 0.6 point, up from last week when it averaged 2.81%.