According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending January 22nd , 2021, the Market Composite Index a measure of mortgage loan application volume, decreased -4.1% on a seasonally adjusted basis from one week earlier.
Wood Markets News
British Columbia is Serious About Climate Smart Construction
While climate change and its related effects remain a global challenge, British Columbia municipalities are taking action to reduce its impact at the local level.
Housing Trend Report Finds COVID-19 Pandemic Continues to Influence on Home Purchasing
The latest Housing Trend Report (HTR) from the National Association of Home Builders (NAHB) reveals that the share of Americans who are considering the purchase of a home in the next 12 months was 15% in the Q4 of 2020, four percentage points higher than a year earlier and the largest year-over-year gain in the 3+year history of this series.
The Conference Board Reports Consumer Confidence Index® Improved in January
The Conference Board is reporting that their Consumer Confidence Index® improved moderately in January 2021 after declining in December 2020. The index now stands at 89.3, up from December’s reading of 87.1.
S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index Reports Home Prices Gained in November
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.
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.