The Bureau of Economic Analysis (BEA) is reporting that according to their estimates personal income decreased by $221.8 billion or 1.1% in November. Disposable personal income (DPI) decreased $218.0 billion or 1.2% and personal consumption expenditures (PCE) decreased $63.3 billion or 0.4%.
Wood Markets News
Federal Housing Finance Agency Reports October House Prices Increased 10.2% Year-Over-Year
According to the latest Federal Housing Finance Agency’s House Price Index (FHFA HPI®) house prices rose nationwide in October, up 1.5% from the September reading. Year-over-year house prices have increased 10.2% (October 2019 to October 2020).
Weekly Jobless Claims Climb Higher in the Week Ending December 19th, 2020
The U.S. Department of Labor is reporting that an additional 803,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, December 19th. A decrease of 89,000 from the previous week’s revised level.
Emergency Coronavirus Relief Act of 2020 to Help American Loggers and Log Haulers
The American Logging Council (ALC) is reporting that Members of Congress have recognized the important role the timber harvesting industry plays in the U.S. economy by including both logging and log hauling businesses in the recently passed $900 billion Emergency Coronavirus Relief Act of 2020.
A List of Products Exported from Australia that China is Banning Importation of or has Levied Tariffs On has been Released
Australia is one of the few developed nations on earth that exports more products to China, than it imports from China. China is Australia’s largest trading partner and a top export destination.
U.S. Consumer Confidence Declined for Second Straight Month in December
The Conference Board is reporting that U.S. consumer confidence dropped for a second straight month in December. The result of a deterioration in the labor market amid renewed business restrictions to slow the raging pandemic offset the rolling out of a vaccine for COVID-19.
Federal Housing Authority Extends Foreclosure and Eviction Moratorium Through February 28th, 2021
The Department of Housing and Urban Development (HUD) has announced (12/21) that the Federal Housing Administration (FHA) is providing a two-month extension of its foreclosure and eviction moratorium, and initial forbearance requests through Sunday, February 28th, 2021.
U.S. Census Bureau Reports Apartment Absorption Rate Increased While Rents Declined in Q2 2020
The recently released U.S. Census Bureau’s Survey of Market Absorption (SOMA) reveal that the absorption rate of unfurnished, unsubsidized apartments (the share rented out in the first three months following completion) moved up to 60% in Q2 of 2020, up from 55% in Q2 of 2019.
The Share of Mortgage Loans in Forbearance Increases Modestly in the Week Ending December 13th, 2020
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance increased slightly from 5.48% of servicers’ portfolio volume in the prior week to 5.49% as of December 13, 2020. According to MBA’s estimate, 2.7 million homeowners are in forbearance plans.
Existing Home Sales Decline -2.5% in November – Year-Over-Year are 25.8% Better
The National Association of Realtors® (NAR) is reporting that total existing home sales for November, which are completed transaction that include single-family homes, townhomes condominiums and co-ops decreased -2.5% from October, to a seasonally adjusted annual rate of 6.69 million in November.