The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased from 5.53% of servicers’ portfolio volume in the prior week to 5.46% as of January 3, 2021.
Wood Markets News
Small Business Confidence Drops in December
The National Federation of Independent Business (NFIB) Small Business Optimism Index declined 5.5 points from November, to a reading of 95.9 in December. Falling below the historical average reading of 98, which was established in 1973.
Limited Seedling Nursery Capacity Has Potential to Slow Oregon’s Wildfire Recovery
The Oregon wildfires of 2020 destroyed nearly 1.2 million acres of forest land. Within days of the wildfires starting, nurseries were receiving calls from frantic foresters wanting to place additional orders for conifer seedlings, above what they already had on order for planned replanting operation, needed to replant areas devastated by the fires.
Real Gross Domestic Product Increases 33.4% in Q3
The U.S. Bureau of Economic Analysis (BEA) is reporting that when compared to Q2 of 2020, real gross domestic product (GDP) in Q3 rose in all 50 states and the District of Columbia. Nationally, in Q3 2020 real GDP growth increased to 33.4%, after suffering a decrease of 31.4% in Q2 of 2020.
October’s Monthly Furniture Insight Survey Reports Increasing Demand for Residential Furniture as Economy Continues to Recover from the COVID-19 Pandemic
Smith Leonard’s latest Monthly Furniture Insight survey of residential furniture manufacturers and distributors continues to show ongoing improvement. The survey considered a 40% increase in new orders over October 2019.
AB Karl Hedin Announces Expansion of Krylbo Sawmill Facility
AB Karl Hedin, one of Sweden’s leading privately owned wood groups, has announced their intention to build a new planing mill, with extra storage capacity and further timber kiln drying facilities at its sawmill in Krylbo, Avesta. The Krylbo spruce-pine sawmill has an annual production of capacity of 215,000m3.
Construction Sector Adds Jobs in December Despite Nonfarm Payroll Overall Decline
A deeper look into the Bureau of Labor Statistics (BLS) December nonfarm payroll employment report reveals that while total nonfarm payroll employment declined by 140,000 and the unemployment rate held steady at 6.7%, the construction industry sector added new jobs.
The Number of Homes For Sale in U.S. Hits New Record Low Level in December
According to the Monthly Housing Trends Report published by Realtor.com, the number of U.S. homes for sale dipped below 700,000 for the first time, setting a new record low mark for listed inventory. Year-over-year, the number of homes for sale nationally was down by 39.6%, with 449,000 fewer homes for sale when compared to December 2019.
Delinquency Rates on Commercial and Multifamily Properties Increase for Second Consecutive Month in December
According to the latest Mortgage Banker Association’s (MBA) latest monthly MBA CREF Loan Performance Survey, the delinquency rates for mortgages backed by commercial and multifamily properties, which includes lodging and retail properties, increased for the second consecutive month in December.
Nonfarm Payroll Declines in December
The Bureau of Labor Statistics (BLS) is reporting that in December total nonfarm payroll employment declined by 140,000. The unemployment rate held steady at 6.7%, or 10.7 million unemployed persons.