The latest release of the Federal Reserve’s Senior Loan Officer Opinion survey reveals that the COVID-19 pandemic and its widespread economic hardship caused many banks to elevate their qualification standards across all credit classes of household and business loans.
Wood Markets News
Forests Around the Globe are in Serious Danger due to the Impact of Beetle Infestation
A beetle, no larger than a grain of rice, the tiny mountain pine beetle, has already destroyed 15 years of log supplies in British Columbia and they are now chomping their way through forest in Alberta and other parts of the Pacific Northwest.
British Columbia Forestry Industry Back to Full Throttle Thanks to Record Breaking Lumber Prices
It is been a rough number of years for the British Columbia forestry sector.
Federal Housing Finance Agency Adds New 0.5% Fee to Refinance Mortgages Effective September 1st
On Thursday, August 13th, 2020, The Federal Housing Finance Agency (FHFA), along with the two governmental sponsored enterprises, Fannie Mae and Freddie Mac announced that effective September 1st, that any refinance mortgage loan sold Fannie Mae or Freddie Mac will include a new adverse-market refinance fee of 0.5%.
Demand for Trucks and Cost per Mile Increases for Third Month in a Row
According to the DAT Network, nationally demand for trucks, flatbeds, vans and refrigerated units was up for the third straight month in a row, up almost 25% in certain shipping lanes and more than double the number for July 2019.
Respondents to FEA’s Weekly Order Survey are Reporting Slightly Slower Sales
Dealers responding to the Weekly Order Survey are reporting that while their businesses remain steady to strong, the pace was slightly slower than in previous weeks.
Canadian Lumber Production Declines Year-Over-Year in May
Statistics Canada is reporting that Canada’s lumber production increased 24.7% from April to May 2020. An increase of 4 360.4 thousand cubic meters. Year- over-year (May 2019 to May 2020) production was -18.7% lower.
Builders Struggles with Acquisition, Development and Construction Financing Continued in Q2 of 2020
The results of the latest National Association of Home Builders financing for Acquisition, Development and Construction (AD&C) survey reveals that credit continued to tighten in the second quarter of 2020.
Weekly Jobless Claims Dips Below One Million Claims for the Week Ending August 8th, 2020
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.
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.