CoreLogic, a leading provider of consumer, financial and property data, analytical and services, is predicting that in spite of home prices increasing 4.8% year-over-year in May, that home prices will stall over the summer and they estimate decline by -6.6% by May 2021.
Wood Markets News
Fannie Mae’s Home Purchase Sentiment Index is on the Rise
According to Fannie Mae’s Home Purchase Sentiment Index (HPSI), a composite index designed to track consumers’ housing-related attitudes, intentions and perceptions, increased 9-points in June to a reading of 76.5.
Construction Sector Hiring Recovers in May
A deeper review of the Bureau of Labor Statistic (BLS) Job Opening and Labor Turnover Survey for May, providers a clearer picture of employment in the construction industry.
Mortgage Applications Increase in Week Ending July 3rd 2020
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending 3rd July 2020, the Market Composite Index, a measure of mortgage loan application volume, increased 2.2% on a seasonally adjusted basis from one week earlier.
Mortgage Loans in Forbearance Drop for Third Week in a Row
The June 28th 2020, Mortgage Bankers Association’s (MBA) Forbearance and Call Volume Survey reports that the total number of loans now in forbearance decreased by 8- basis points from 8.47% of servicers’ portfolio volume in the prior week to 8.39% as of June 28, 2020.
The Federal Reserve Bank of Atlanta Warns of Mortgage Forbearance Turning into Mortgage Foreclosures as COVID-19 Cases Spike
The Atlanta Fed believes COVID-19 spike in key states could lead to higher foreclosure rates.
Americans Who Qualify for Refinancing of First Mortgage Could Save Hundreds of Dollars Monthly
A data and analytics provider for mortgage industry estimates that 90% of homeowners could lower monthly payments with current mortgage rates.
New Zealand Forest Owners Association Lauds New ‘Building for Climate Change’ Policy
The Forest Owners Association (FOA) of New Zealand was overjoyed with the announcement from the Ministry of Business, Innovation and Employment (MBIE) of ‘Buildings for Climate Change.’
American Wood Council Congratulates State of Georgia for Passing Tall Mass Timber Legislation
Robert Glowinski, President and CEO of the American Wood Council (AWC), which is the voice of North American wood products manufacturing, issued a statement following Georgia’s Gov. Brian Kemp’s signing of HB 777, which directs the state Department of Community Affairs (DCA) and its State Codes Advisory Committee to look at and evaluate the International Code Council’s (ICC) 2021 tall mass timber building code changes for early adoption.
Norbord Reviews and Updates Their COVID-19 Response
Norbord has recently provided a review and an update on their response to the COVID-19 pandemic.