According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending February 12th, 2021, the Market Composite Index — a measure of mortgage loan application volume — decreased -5.1% on a seasonally adjusted basis from one week earlier.
Wood Markets News
Wood Product Sales Lead Canadian Manufacturing Sales Higher in December
Statistic Canada is reporting that manufacturing sales rose 0.9% to $54.2 billion in December. Sales were up in 9 of 21 industries, led by the wood product, transportation equipment, and petroleum and coal product industries.
Canadian Home Sales Set Another All-Time Record High in January 2021
The Canadian Real Estate Association (CREA) is reporting that national homes sales in Canada set another all-time record in January 2021. Month-over-month (M-O-M) (December 2020 – January 2021) homes sales in Canada increased by 2%.
Property Taxes at the State and Local Level Have Increased Nearly 20% in Last 4-years
Analysis provided by the National Association of Home Builders (NAHB) of the U.S. Census Bureau’s Quarterly Tax Data reveals that U.S. property owners paid $633.9 billion in taxes in the four quarters ending in Q3 2020.
The National Association of Realtors® Reports Home Prices Increased in Every Metro Area Tracked in 2020
The National Association of Realtors’® (NAR) latest report reveals that 88% of the metro areas it follows (161 areas) posted double-digit price gains in the Q4, up from 115 metro areas in Q3. For all of 2020 home prices increased in every metro area the NAR tracks.
German Engineering Federation Anticipates 3% Increase for Woodworking Machinery
VDMA (Verband Deutscher Maschinen-und Anlagenbau, German Engineering Federation) which represents 3300 German and European mechanical and plant engineering companies remains optimistic for an improving business climate in 2021. VDMA is expecting a 3% increase in product sales.
Year-Over-Year, Week of February 7th, 2021 Breaks Several Housing Records
According to the latest report from Redfin, the Seattle-based technology-powered real estate brokerage, year-over-year – comparing the second week of February 2020 to February 2021 the median home sale price increased 15% to $318,750.
Quebec Sawmill Experiences Immediate Savings When Switching to Electric Kiln Drying
It took them nearly a decade, but Scierie Girard, a sawmill based in Shipshaw, Que., finally convinced Hydro-Quebec to offer a rebate for medium-volume customers who want to use the utility’s surplus electric power.
U.S. Consumer Sentiment Down in February 2020 and Year-Over-Year
The University of Michigan Consumer Sentiment Index (ICS) rates the level of current and future economic conditions in the U.S. The latest ICS was released today, Friday (2-12-21) and is at a current level of 76.20, down from January’s reading of 79.00 and down from February 2020 reading of 101.00.
Freddie Mac’s Reports Net Income Rose 18% in Q4 2020
The second largest mortgage financier in the U.S., Freddie Mac, reported on Thursday (2-11-21) that its net income in Q4 2020 rise 18% from Q3 to $2.9 billion, as low interest rates continue to boost originations. In total, the company’s net income at the end of 2020 was $7.3 billion, a 2% increase from 2019.