The British Columbia forest industry was deteriorating prior to the COVID-19 pandemic. Since mid-2019, B.C. has experienced a disproportionately high number of sawmill closures and curtailments compared with other states and provinces.
Wood Markets News
Existing-Home Sales Rise 20.7% in June
The National Association of Realtors® (NAR) is reporting that total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 20.7% from May to a seasonally adjusted annual rate of 4.72 million in June.
U.S. Home Prices Decline -0.3% in May 2020
The Federal Housing Finance Agency (FHFA), Home Price Index (HPI) reports that U.S. house prices decline in May by -0.3% from the previous month. Year-over-year, house prices are 4.9% higher, (May 2019 to May 2020).
Mortgage Applications Trend Higher in Week Ending July 17th 2020
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending 17th July 2020, the Market Composite Index, a measure of mortgage loan application volume, increased 4.1% on a seasonally adjusted basis from one week earlier.
Mortgage Loans in Forbearance Decrease for Fifth Week in a Row
The Mortgage Bankers Association’s (MBA) Forbearance and Call Volume Survey for July 20th, reports that the total number of loans now in forbearance decreased by 38-basis points from 8.18% of servicers’ portfolio volume in the prior week to 7.80% as of July 12th, 2020.
Great Plains MDF Production Inc., Announces Plan to Build to New Facility in Stettler Alberta
In a press release, The Great Plains MDF Production Inc., officially announced that they intended to make Stettler Alberta the home of their new $ 750 million straw fiber Medium Density Fiberboard (MDF) plant.
UPM Announces Permanent Closure of Jyväskylä Plywood Mill on 7-31-2020
UPM has provided additional information about the closing of its Jyväskylä plywood mill which was first announced in June. The Jyväskylä plywood mill will be permanently closed as of 7-31-2020.
American’s Considering Purchasing a Home Not Dissuaded by COVID-19 Pandemic
The latest National Association of Home Builders (NAHB) Housing Trends Report (HTR) reveals that number of Americans who said they are considering the purchase of a home in the next 12 months was 11% in second quarter of 2020.
Canadian Home Prices Increase Just as Market Begins to Slow
According to the Teranet-National Bank Composite Home Price Index (CHPI) which tracks data collected from public land registries to measure changes for repeat sales of single-family homes, Canadian home prices were up 0.7% in June when compared to May.
Construction costs fall as material prices continue to rise – The Architect’s Newspaper
Even as construction jobsites reopen and workers return, the ongoing COVID-19 pandemic is continuing to negatively impact the architectural and construction markets.