Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending September 24th, 2020. The PMMS shows that 30-year fixed-rate mortgage averaged 2.90% with an average 0.8 point, up from last week when it averaged 2.87%.
Wood Markets News
New Home Sales Increase 4.8% in August
The U.S. Census Bureau reported that the sales of new single-family houses in August 2020 were at a seasonally adjusted annual rate of 1,011,000. This is 4.8% above the revised July rate of 965,000 and is 43.2% above the August 2019 estimate of 706,000.
Weekly Jobless Claims Inch Higher for the Week Ending September 19th, 2020
The U.S. Department of Labor is reporting that an additional 870,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, September 19th. An increase of 4,000 from the previous week’s revised level.
COVID-19 Pandemic Economic Downturn Impacts Timber Industry Dependent Towns
Citing a lack of demand for paper products due to COVID-19 pandemic and the switch to digital media, Verso Corporation announced the closure of their mill in Duluth Minnesota in June, and that was quickly followed by the closure of the Wisconsin Rapids mill in July.
Eastern Washington University’s Catalyst Building in Downtown Spokane Washington the Newest Mass Timber Building in the U.S.
The city of Spokane Washington was founded in 1873, surrounded by some North America’s most productive forests. However, until recently Spokane has never really focused on timber products in construction.
U.S. Home Prices Increase in July 2020
The Federal Housing Finance Agency (FHFA), Home Price Index (HPI) reports that U.S. house prices rose 6.5% from July 2019 to July 2020 and were up 1% for the month.
Mortgage Banker Associations Reports The Share of Mortgage Loans in Forbearance Drops to 6.3% for Week Ending September 13th, 2020
The latest Mortgage Banker Association’s Forbearance and Call Survey reports that the total number of loans in forbearance decreased by 9 basis points from 7.01% of servicers’ portfolio volume in the prior week to 6.93% as of September 13th, 2020.
Western Forestry Contractor Association Reminds B.C. 2021 Reforestation Bidders to Include 2020 COVID-19 Pandemic Protocols into their Work Bids
In the midst of the COVID-19 pandemic, the Western Forestry Contractor Association (WFCA) is in the process of completing one of its most ambitious and successful reforestation \ tree planting year’s to date.
U.S. Census Bureau Reports COVID-19 Pandemic Impacted Absorption Rate of Rental Units and Condos
The latest data from the U.S. Census Bureau’s Survey of Market Absorption (SOMA) reveals that the absorption rate of unfurnished and unsubsidized apartments (the share rented out in the first three months following completion) fell to 45% in Q1 of 2020, down from 53% in Q1 2019.
Existing Home Sales in August Hit Highest Level Since December 2006
The National Association of Realtors® (NAR) has reported that total existing-home sales in August, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 2.47% above July, to a seasonally-adjusted annual rate of 6.00 million in August.