Mortgage loan application volume decreased -0.5% on a seasonally adjusted basis from one week earlier.
Wood Markets News
New Cross Laminated Timber Hotel Opens in Ft. Jackson South Carolina
With the completion of the construction of the first phase of Candlewood Suites at Fort Jackson in South Carolina, Lendlease and IHG Army Hotels has completed the construction of their fourth cross-laminated timber (CLT) hotel.
The Share of Mortgage Loans in Forbearance Drops to 5.67% in Weekending November 1st, 2020
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports the total number of loans now in forbearance decreased by 16 basis points from 5.83% of servicers’ portfolio volume in the prior week to 5.67% as of November 1, 2020.
Job Opening and Labor Turnover Survey (JOLTS) for September 2020
The Bureau of Labor Statistics (BLS) has posted its Job Opening and Labor Turnover Survey (JOLTS) for September 2020. According to the JOLTS report the number of job openings was little changed from August at 6.4 million, which is a rate of 4.3%, as of the last business day of September.
Federal Reserve G.19 Consumer Credit Report Reveals an Uptick in Consumer Optimism
According to the latest G.19 Consumer Credit Report, from the Federal Reserve, which includes all loans not secured by real estate, in the third quarter of 2020, consumer credit increased at a seasonally adjusted annual rate (SAAR) of 2¼%, while none revolving credit increased by 4% and revolving credit declined by 2½%.
Oregon Department of Forestry Announces Official End of 2020 Fire Season
The Oregon Department of Forestry (ODF) announced that at 9:00 AM on Friday (11/6) that Southwest Oregon’s second-longest fire season on record ended. The 190-day season began May 1, among the earliest start dates on record, due to dry conditions and an outlook for above-normal temperatures and below-normal precipitation.
B.C. Judge Rules Destruction of Surrey Mill Did Not Eliminated Obligation to a Chip Supply Agreement
British Columbia Supreme Court Justice, Geoffrey Gomery, has ruled that the MacKenzie Sawmill Ltd. (MSL), whose Surrey B.C. mill was destroyed by a series of fire, the first on Nov. 12, 2010, the second on Jan. 25, 2011, and a third on Oct. 31, 2014, which halted production and ruined the mill, has not been “permanently discharged” from its obligations to provide lumber giant Interfor Corporation with wood chips.
Year-Over-Year, Commercial and Multifamily Mortgage Loans Decline -34%
The Mortgage Bankers Association (MBA) is projecting that commercial and multifamily loans, which are backed by income producing property, will be close to $ 395 billion in 2020. If that projection holds true, it will represent a -34% decline from 2019’s record volume of $601 billion.
Survey Shows Construction Workers Wages Outpaces National Median Average
The Bureau of Labor Statistics Occupational Employment Statistics (OES) Survey for 2019, with analysis provided by the National Association of Home Builders (NAHB), reveals that half of payroll workers in the construction trades earned more than $49,030 per year and the top 25% make at minimum $68.690.
Residential Construction Employment Continued to Grow in October
A closer look at the Bureau of Labor Statistics October’s Employment Situation Report focusing on construction employment reveals that October’s residential construction employment, was 11,500 higher than October 2019.