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.
Wood Markets News
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%.
Weekly Jobless Claims Decline in the Week Ending February 20, 2021
The U.S. Department of Labor is reporting that an additional 730,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, February 20th, 2021. This is a decrease of 111,000 from the previous week’s revised level.
Pending Homes Decline -2.8% in January, but Year-Over-Year are up 13.0%
The National Association of Realtors® (NAR) has reported their Pending Homes Sales Index (PHSI) — which is based on signed real estate contracts, not actual closings, for existing single-family homes, condos, and co-ops — declined -2.8% in January to a reading of 122.8.
Mortgage Applications Decline 11.4% in Week Ending February 19, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending February 19th, 2021, the Market Composite Index , a measure of mortgage loan application volume, decreased -11.4% on a seasonally adjusted basis from one week earlier.