The U.S. Department of Labor is reporting that an additional 963,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday August 8th.
Wood Markets News
Mortgage Loans in Forbearance Decrease for Eighth Week in a Row
The Mortgage Bankers Association’s (MBA) Forbearance and Call Volume Survey for August 10th, revealed that the total number of loans now in forbearance decreased by 23 basis points from 7.67% of servicers’ portfolio volume in the prior week to 7.44% as of August 2, 2020.
Multifamily/Commercial Borrowing Declines -48% in Second Quarter of 2020
According to the Mortgage Bankers Association year-over-year commercial and multifamily mortgage loan originations were -48% lower in the second quarter of 2020. A decline of -31% from the first quarter of 2020.
Mortgage Rates Inch Higher in the Week Ending 13th August 2020
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending August 13th, 2020. The PMMS shows that 30-year fixed-mortgage rate averaged 2.96% with an average 0.8 point up from last week when it averaged 2.88%.
U.S. Forest Service Proposes Changes to the 21” Diameter Logging Rules in Eastern and Central Oregon
The U.S. Forest service, in an environmental analysis published earlier this week, is recommending the lifting of a 25-year-old ban on logging large diameter trees across six national forests located in Central and Eastern Oregon.
The Forest Products Association of Canada Offers the Canadian Government Ideas on how to Jump Start the Economy Using Forestry Products
The Forest Products Association of Canada (FPAC) has been working closely with the Canadian federal government to help form policies and programs to keep forest products businesses operating, workers safe and the essential products supply chain moving forward, during the challenges presented by the COVID-19 pandemic.
Higher Softwood Lumber Prices Push Building Materials Prices Higher in July
The Bureau of Labor Statistics (BLS) is reporting that in July’s Producer Price Index (PPI) prices paid for goods used in residential construction continued their upward path, increasing by 1.8% (not seasonally adjusted).
German Log Exports Impacted by COVID-19 and Other Factors During First Half of 2020
The German log market has been extremely unpredictable during the first half of 2020. The year started with high demand from the export market and the supply of fresh green logs in tight supply.
Producer Price Index for Final Demand Increases in July
The U.S. Bureau of Labor Statistics (BLS) is reporting that the Producer Price Index (PPI) for final demand increased to a seasonally adjusted 0.6% in July.
A Lack of Available Inventory Continues to Challenge Home Sales
According to Zillow, a Seattle Washington based online real estate database company, in their latest Zillow’s Weekly Market Report (ZWMR), pending home sales remain well above last year’s levels.