Home affordability continues to suffer from rising home prices, soaring demand and tight supply.
Wood Markets News
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.
U.S. Personal Income Decreases $221.8 billion or -1.1% in November
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%.
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.