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.
Wood Markets News
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.
Fannie Mae Home Purchase Sentiment Index® Declines for Second Consecutive Month
According to the Fannie Mae Home Purchase Sentiment Index® (HPSI), consumer confidence in home-buying and home-selling declined from November’s reading of 80.0 to a reading of 74.0 in December. The HPSI is now at its lowest level since May 2020.
Fire Destroys Scotch Plywood Company’s Veneer Mill in Waynesboro Mississippi
Devastating fire reported at Scotch Plywood mill in Waynesboro, MS.
A Look at Kalesnikoff’s New $35 million State of the Art Mass Timber Facility
Kalesnikoff Lumber is a fourth-generation family-owned company based in Castlegar, B.C. with roots that date back to 1939, when three brothers began a logging business on the nearby mountainside. That developed in the late 1960’s to a sawmill, and then came a dry kiln and planner operation.
Mortgage Rates Set New Record Low Level in the Week Ending January 7th, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending January 7th, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.65% with an average 0.7 point down from last week when it averaged 2.67%.
Job Cuts Spike in December – Up 18.9% from November
According to the latest released report by Challenger, Gray & Christmas (CG&C), Inc, a global outplacement and business and executive coaching firm, planned job cuts announced by U.S. based employers jumped to 77,030 in December. An increase of 18.9% from November’s announced cuts of 64,797.
Enviva Partners with Forestry Associations to Rejuvenate Longleaf Pine Growth in the South
A partnership between Enviva, the world’s largest producer of industrial wood pellets, working with the Longleaf Alliance (LLA), Wildlife Mississippi, and the Mississippi Forestry Association is trying to boost longleaf pine habitats by creating new opportunities for public and private landowners.
ADP Reports Private Sector Employment Decreased by 123,000 Jobs in December
According to the August ADP National Employment Report® nonfarm private sector employment decreased by 123,000 jobs from November to December. The ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Moody’s Analytics.
Mortgage Applications Dip Over the Two-Week Holiday Period
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending January 1st, 2021, and includes adjustments to account for the holidays, The Market Composite Index, a measure of mortgage loan application volume decreased -4.2% on a seasonally adjusted basis from two weeks earlier.