Oregon’s timber industry, along with the rural business community is urging state lawmakers and Gov Kate Brown to temporarily suspend the recently approved new Corporate Activity Tax for 6-months to help business hard hit by the COVID-19 pandemic.
Wood Markets News
GDP Suffers First Decline Since 2014
The U.S. Bureau of Economic Analysis (BEA), is reporting that the U.S. economy declined in the first quarter of 2020, due to the impact of the COVID-29 virus pandemic.
Pending Home Sales Fall 20.8% in March
The National Association of Realtors® (NAR) has reported Pending Homes Sales Index (PHSI) fell -20.8% to a reading of 88.2 in March.
Washington State Eases Restriction on Construction with New Guidelines
With new guidelines now in place, Gov. Jay Inslee announced the State of Washington has started to ease some restrictions that were put into place to slow the spread of the COVID-19 virus.
Mortgage Loans in Forbearance Increases to 6.99% in Week Ending April 19th 2020
The Mortgage Bankers Association (MBA) latest Forbearance and Call Volume Survey reports that the total number of loans now in forbearance increased from 5.95% of servicer’s portfolio volume in the prior week to 6.99% as of April 19th, 2020.
Mortgage Applications Decline in Week Ending April 24th, 2020
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending April 24th, 2020, the Market Composite Index decreased -3.3% on a seasonally adjusted basis from one week earlier.
Homeownership Rates Move Higher in 1st Quarter of 2020
The U.S. Census Bureau’s Housing Vacancy Survey is reporting that U.S. homeownership rates reached 65.3% in the first quarter of 2020.
Consumer Confidence Declines Further in April
According to the Conference Board, the Consumer Confidence Index, declined further in April, following a steep decline in March.
Home Prices Gained 4.2% in Annually in February per Case-Shiller
According to the S&P CoreLogic Case-Shiller Home Price Indices, February home prices nationally were 4.2% higher annually, up from a 3.9% gain in January.
Home Builders are Experiencing a Jump in New Home Sales
In the first four weeks of the national shutdown in response to the COVID-19 pandemic, sales of newly built homes fell ~85% from normal spring activity.