The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased from decreased from 5.46% of servicers’ portfolio volume in the prior week to 5.37% as of January 10, 2021.
Wood Markets News
Mortgage Applications Decline 1.9% in Week Ending January 15th, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending January 15th, 2021, the Market Composite Index , a measure of mortgage loan application volume, decreased -1.9% on a seasonally adjusted basis from one week earlier.
Builder Confidence Declines Further in January
The National Association of Home Builders (NAHB) /Wells Fargo Housing Market Index (HMI) indicates that builder confidence in the market for newly built single-family homes declined 3-points to a reading of 83 in January.
Federal Government Amends Decades Old Ban on Logging Trees 21-inches or Greater in Eastern Oregon and Southeast Washington State
The decades-old ban on logging trees 21-inches or greater in diameter in national forest across eastern Oregon and southeast Washington was amended on Friday, January 15th, 2021, when U.S. Department of Agriculture Undersecretary James Hubbard signed off on the change.
Federal Housing Finance Agency Extends Moratorium on Single-Family Foreclosures and Real Estate Evictions Through February 2021
The Federal Housing Finance Agency (FHFA) announced today (1/19/21) that Fannie Mae and Freddie Mac are once again extending moratoriums on single-family foreclosures and real estate owned evictions through the February 28th, 2021.
U.S. Resident Population Declines for Fifth Consecutive Year – Housing Demand Continues to Change
The Annual Resident Population of the United States, according to the U.S. Census Bureau, as of July 1st, 2020 was an estimated 329.5 million. A year-over-year increase of 1.2 million, giving the U.S., on a national level, a growth rate of 0.35%.
The Commerce Department Finds No Evidence of Dumping of Wood Mouldings and Millwork from Brazil
The Department of Commerce on December 29th, 2020 announced its final antidumping duty (AD) and countervailing duty (CVD) determination on wood mouldings and millwork products from Brazil and China.
Nearly 50% of Home Offers Written in December Ended in a Bidding War
Redfin, the Seattle-based technology-powered real estate brokerage firm is reporting that the traditional year-end slowdown in homebuying did not occur in December 2020. In fact, not only did buying and selling continue, but according to Redfin, 49.7% of the home offers written by its agents involved a bidding war between prospective buyers.
Canadian Housing Starts Trends Increased in December 2020
According to the Canada Mortgage and Housing Corporation (CMHC) in December the trend in Canadian housing starts was at 239,052 units, up from 236,334 units in November. The trend measure is a six-month moving average of the monthly seasonally adjusted rates (SAAR) of housing starts.
Building Material Costs Increase Year-Over-Year by 5.4%
Further analysis, provided by the National Association of Home Builders (NAHB), of the December 2020, Producer Price Index (PPI), recently released by the Bureau of Labor Statistics, reveals that prices paid for goods used in residential construction in December, less energy costs, rose 0.7% and ended 2020, 5.4% above their December 2019 level.