A closer look, by the National Association of Home Builders (NAHB) at the U.S. Census Data from the Quarterly Starts and Completion by Purpose and Design report reveals that custom home building outperformed the overall building market during the tumultuous second quarter of 2020.
Wood Markets News
Mortgage Loans in Forbearance Decreases for Ninth Week in a Row
The Mortgage Bankers Association’s (MBA) latest Forbearance and Call Volume Survey reports that that the total number of loans now in forbearance decreased by 23 basis points from 7.44% of servicers’ portfolio volume in the prior week to 7.21% as of August 9, 2020.
Mortgage Applications Decline in Week Ending August 14th, 2020
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending August 14th, 2020, the Market Composite Index decreased -3.3% on a seasonally adjusted basis from one week earlier.
Canadian Home Sales Surge 26% in July
The Canadian Real Estate Association (CREA) is reporting that pent up demand due to the recent pandemic lockdowns sent home sales soaring in July.
Mortgage Delinquencies Rate Reaches New High Level
According to the Mortgage Bankers Association’s (MBA) recent National Delinquency Survey the overall delinquency rate for mortgages on one-to-four-unit residential properties soared by nearly 4 percentage points (386 basis points) during the second quarter of 2020, and by June 30 reached 8.22% (seasonally adjusted), the highest in nine years.
Demand for Rural Homes Leads to 11.3% Price Increase in July
Redfin, the Seattle-based real estate brokerage firm is reporting that demand for rural homes, which suddenly started to increase in April, has continued to grow through the month of July
Housing Starts, Permits and Completions all Moved Higher in July
The U.S. Census Bureau has reported that privately‐owned housing starts in July were at a seasonally adjusted annual rate of 1,496,000.
India’s Ban on Logging and Transportation of Timber Fails to Slowdown Construction
According to Krishnadatta Bhatta, chief at Pahalmanpur Division Forest Office in Kailali, the federal government on May 28, had put a stop to logging and transportation of timber for a number of reasons, which included: investigating the alleged financial irregularities in the sale of timber and in inviting tenders; to ensure transparency in the expenditure of the community forest funds; and finally to curb rapid tree felling that was taking place in the first months of 2020.
German Softwood Lumber with Bark Beetle Infestation Finds New Market in China
The spruce forest lands in the North Rhine-Westphalia region of Germany have been suffering over the past three years. Unseasonably dry weather and then sudden and violent storms has created a perfect breeding ground for the bark beetle.
Builders Confidence in Newly Built Single-Family Homes Matches Record High Set in 1988
According to the latest National Association of Home Builders (NAHB) \ Wells Fargo Housing Market Index (HMI) builder’s confidence in the market for newly built single-family homes increased by six points in August to a reading of 78.