According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending October 9th, 2020, mortgage applications decreased 0.7% from the previous week. On an unadjusted basis, the Index decreased -1% compared with the previous week.
Wood Markets News
Prices Paid for Residential Construction Materials Increase Again in September
A closer look into the Bureau of Labor Statistics (BLS) September Producer Price Index (PPI) reveals that prices paid for goods used in residential construction increased 1.8% (not seasonally adjusted). Less food and energy the index for inputs to residential construction increased 2.2% over the month.
Hampton Lumber CEO Reports Fort St. James Mill Rebuild Remains on Schedule
Steve Zika, the CEO of Hampton Lumber, put to rest the rumors that the company is planning on delaying the construction of the Fort St. James mill. In a statement Zika said, “None of that is true; nothing has really changed with the plans for the mill or the dates; we have said it is going to be approximately two thirds of the size of Babine mill and that’s how it will be.”
Rayonier Inc. Announces $ 80,000 Disaster Relief Assistance Donation
Rayonier Inc. has announced an $ 80,000 donation for disaster relief assistance to the communities impact by the recent wildfire in the Pacific Northwest and the recent hurricanes in the Gulf Coast.
The Share of Mortgage Loans in Forbearance Drops to 6.32% in Week ending 4th October 2020
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports the total number of loans now in forbearance decreased by 49 basis points from 6.81% of servicers’ portfolio volume in the prior week to 6.32% as of October 4, 2020.
Holmen AB, Completes Acquisition of Martinsons
Holmen AB, one of Sweden’s largest forestry companies has announced that they have completed the purchase of Martinsons, one of Sweden’s leading sawn and processed wood manufacturing companies.
Demand for Railroad Ties Continues to Hold Steady, Despite Remaining Wood Fiber Concerns
Most lumber dealers experience with wood-ties (aka railroad ties) are usually limited to selling used ones that have been taken up from track beds and which homeowners and landscapers use as part of a decorative feature.
A Majority Stake in System TM, Strengthens Stiles and HOMAG Place in the Solid Wood Industry
System TM and Stiles Machinery have for over 15 years successfully cooperated in the North American markets. Stiles is excited to announced that they have made a majority share acquisition in the Danish engineering and manufacturing partner, System TM A/S by HOMAG.
Consumer Price Index Inches Higher in September
The Bureau of Labor Statistics (BLS) is reporting that consumer prices increased at a slower pace in September. According to the BLS, The Consumer Price Index (CPI) rose by 0.2% on a seasonally adjusted basis, slower than the 0.4% increase experienced in August and a 0.6% increase in July.
Mortgages in Forbearance Fall Below 3 Million for First Time Since Mid-April
Mortgages in active forbearance dropped nearly 20% last week.