The National Association of Realtors® (NAR) has reported their Pending Homes Sales Index (PHSI), which is based month-over-month contract activity, that is signed real estate contracts, not actual closings, for existing single-family homes, condos, and co-ops, declined for the third straight month in a row, declining -2.6% in November to a reading of 125.7.
Wood Markets News
The Council on Tall Buildings and Urban Habitat Announces New Online Resource for Mass Timber Use in Tall Buildings
Thanks to a USDA Forest Service Grant, the Council on Tall Buildings and Urban Habitat (CTBUH) has been able to develop an online resource for those interested in mass timber use in tall building construction.
Mortgages in Forbearance Increase in Week Ending December 24th, 2020 but Remain at 5.3% of all Loans
According to Black Knight, one of the premier providers of integrated technology, data and analytics solutions for lenders and financial businesses, the number of mortgages in active forbearance rose by 20,000 in the week ending on Thursday, December 24th.
S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index Reports Home Prices Gained in October
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 8.4% in October, up from a 7.0% increase in September.
China Announces New Bans on Timber Imports from Australia’s States of New South Wales and Western Australia
China adds New South Wales and Western Australia to its list of Australian states from which timber imports are banned.
The American Dream of Homeownership is Becoming More Cost-prohibitive
Home affordability continues to suffer from rising home prices, soaring demand and tight supply.
Mortgage Rates Set Another New Record Low Level in the Week Ending 24th December 2020
Freddie Mac’s Primary Mortgage Market Survey hits record lows.
Canfor Shortens Holiday Downtime to Meet Growing Lumber Demand
Canfor has announced that their B.C. Christmas and New Year’s holiday scheduled has been altered this year. Growing demand for lumber products has reduced Christmas holiday downtime from the seven days down to just four days.
New Home Sales Fall -11.0% in November 2020 but are 20.8% Above November 2019
The U.S. Census Bureau and the Department of Housing and Urban Development are jointly reporting that the sales of new single-family houses in November 2020 were at a seasonally adjusted annual rate of 841,000. This is -11.0% below the revised October rate of 945,000 but is 20.8% above the November 2019 estimate of 696,000.
Mortgage Applications Increase 0.8% in Week Ending December 18th, 2020
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending December 18th, 2020, The Market Composite Index, a measure of mortgage loan application volume, increased 0.8% on a seasonally adjusted basis from one week earlier.