The National Association of Home Builders (NAHB) is reporting that in their 55+ Housing Market Index (HMI) builder confidence in the single-family 55+ housing market jumped 27 points to a reading of 65 in the second quarter of 2020.
Wood Markets News
Gross Domestic Product Declines -32.9% on Annualized Basis in Second Quarter of 2020
The Department of Commerce, Bureau of Economic Analysis (BEA) is reporting that Gross Domestic Product (GDP), which is the widest measure of goods and services produced in the U.S., fell -9.5% in the second quarter of 2020.
Mortgage Rates Fall Below 3% in Week Ending 30th July
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending July 30th, 2020. The PMMS shows that 30-year fixed-mortgage averaged 2.99% with an average 0.8 point, down slightly from last week when it averaged 3.01%.
Weyerhaeuser Announced New Sustainability Strategy
On Tuesday, July 28th, 2020, Weyerhaeuser Company announced the launching of a new sustainability strategy that draws out the companies aspiring commitments and goals for the next decade and beyond. The strategy is building on a solid foundation in environmental stewardship, social responsibility and strong governance.
Mortgage Loans in Forbearance Decrease for Sixth Week in a Row
The Mortgage Bankers Association’s (MBA) Forbearance and Call Volume Survey for the week ending July 19th, is reporting that the total number of loans in forbearance declined by 6 basis points from 7.80% of servicers’ portfolio volume in the prior week to 7.74%.
Pending Homes Sales Increase 16.6% in June
The National Association of Realtors® (NAR) is reporting that their Pending Homes Sales Index (PHSI) for June increased 16.6%, to a reading of 116.1. Year-over-year, contract signings rose 6.3%.
U.S. Census Bureau Reports Homeownership Gains in Housing Vacancy Survey for Q-2 2020
The most recent U.S. Census Bureau 2020 Housing Vacancy Survey (CPS/HVS) is reporting homeownership gains, particularly of households headed by adults, 35 and younger, increased appreciably in the second quarter of 2020.
Mortgage Applications Decline in Week Ending July 24th 2020
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending 24th July 2020, the Market Composite Index, measure of mortgage loan application volume, decreased -0.8% on a seasonally adjusted basis from one week earlier.
Consumer Confidence Index® Declines -5.7 Points in July
After a large increase in June, the Conference Board’s Consumer Confidence Index® declined in July. The Index currently is at 92.6 (1985=100), down from 98.3 in June.
FHA Backed Sales Increase in Second Quarter of 2020
A closer examination of the recently released Quarterly Sales by Price and Financing reported by the U.S. Census Bureau reveals that FHA-Backed sales made up 20.4% of new home sales in the second quarter of 2020.