It took them nearly a decade, but Scierie Girard, a sawmill based in Shipshaw, Que., finally convinced Hydro-Quebec to offer a rebate for medium-volume customers who want to use the utility’s surplus electric power.
Wood Markets News
U.S. Consumer Sentiment Down in February 2020 and Year-Over-Year
The University of Michigan Consumer Sentiment Index (ICS) rates the level of current and future economic conditions in the U.S. The latest ICS was released today, Friday (2-12-21) and is at a current level of 76.20, down from January’s reading of 79.00 and down from February 2020 reading of 101.00.
Freddie Mac’s Reports Net Income Rose 18% in Q4 2020
The second largest mortgage financier in the U.S., Freddie Mac, reported on Thursday (2-11-21) that its net income in Q4 2020 rise 18% from Q3 to $2.9 billion, as low interest rates continue to boost originations. In total, the company’s net income at the end of 2020 was $7.3 billion, a 2% increase from 2019.
Led by Softwood Lumber, Canada’s Industrial Product Price Index Increased 1.9% in January
Statistics Canada (StatsCan) is reporting that according to flash estimates, the Industrial Product Price Index (IPPI) increased 1.9% in January. Excluding energy and petroleum products, the IPPI rose 1.4%. The price of softwood lumber increased 19.0% in January.
Mortgage Delinquency Rate on All Outstanding Loans Declined in Q4 of 2020
According to the Mortgage Bankers Association’s (MBA) latest National Delinquency Survey, released on Thursday (2-11-21), in Q4 of 2020 the delinquency rate for mortgages on one-to-four-unit residential property decreased to a seasonally adjusted rate of 6.73% of all outstanding loans.
Being Outbid on a House the New No. 1 Reason for Home Buyers Not Succeeding in their Quest
A closer look at the National Association of Home Builders (NAHB) Housing Trend Report (HTR) reveals that 69% of buyers who have been actively engaged in the process of find a home in Q4 of 2020 have spent in excess of 90-days searching for a home without success.
30-Year Mortgage Rate Holds Steady for Second Week in Row for Week Ending February 11, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending February 11, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.73% with an average 0.7 point, unchanged from last week.
Weekly Jobless Claims Decline in First Week of February
The U.S. Department of Labor is reporting that an additional 793,000 Americans made their initial filing for unemployment benefits during the week ending on February 6, 2021–a decrease of 19,000 from the previous week’s revised level.
The Federal Housing Finance Agency Extends Three COVID-19 Pandemic Programs
The Federal Housing Finance Agency (FHFA) announced on Tuesday (2-9-21) that borrowers with mortgages backed by Fannie Mae and Freddie Mac may be eligible for an additional forbearance extension of up to three months. The FHFA forbearance plan initially had a 12-month expiration, however the FHFA is now allowing borrowers up to 15-months of coverage.
Consumer Price Index Increases 0.3% in January 2021
According to the U.S. Bureau of Labor Statistics (BLS) report released today (2-10-2021) the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3% on a seasonally adjusted basis. The all-items index rose 1.4% for the 12 months ending January 2021.