Despite recent declines from record breaking high levels, forest product market experts anticipate prices for lumber and panels will remain strong throughout North America for the next several years. The demand for building products will be led by both new construction and home renovation as tight inventory and aging existing homes, along with low interest rates and untapped home equity.
News in covid 19
Builder Confidence Sets New Record High in October
National Association of Home Builders (NAHB) /Wells Fargo Housing Market Index (HMI) indicates that builder confidence in the market for newly-built single-family homes advanced 2-points in October, to a new all-time high reading of 85.
FEA’s Weekly Order Survey Participants Outlook is Little Changed from Last Week
Dealers responding to FEA’s Weekly Order Survey continue to report their sales to builders as slow but steady. The morning chill in the air has builders working diligently to get projects under roof and ready for interior work.
Home Affordability Declines During COVID-19 Pandemic
The National Association of Realtors® (NAR) is reporting that since the start of the COVID-19 pandemic, the ability to afford purchasing a home has steadily declined.
Joint Center for Housing Studies Expects Do-it-Yourself Uptick to Slow and Return to Normal Levels
There has been a surge in do-it-yourself (DIY) home improvement projects since the start of the pandemic. With extra time on their hands and savings destined for vacations and trips that are now on hold, homeowners have used that time and money to take on projects to adapt their homes to their new lifestyles.
Mortgages in Forbearance Fall Below 3 Million for First Time Since Mid-April
Mortgages in active forbearance dropped nearly 20% last week.
FEA’s Weekly Order Survey Participants Views Vary from Region to Region
Dealers who responded to FEA’s Weekly Order Survey continue to take a highly regionalized view of their markets. Again, this week, some builders and their supporting dealers are reporting flat to a modest uptick in sales activity.
Total Nonfarm Employment Up and Unemployment Down in September
According to the Bureau of Labor Statistics (BLS) Total nonfarm payroll employment rose by 661,000 in September, and the unemployment rate declined by -0.5% to 7.9%. Which represents 12.6 million Americans without employment.
FEA’s Weekly Order Survey Participants’ Views Vary Greatly from Region to Region
FEA’s Weekly Order Survey respondents’ views on their market’s activity not only varied from region to region but also appeared to reflect on whether the builder was building custom homes or tract housing.
Reuter Poll Suggests 2021 has the Potential of Being a Difficult Year for the Global Housing Markets
A recent Reuters poll conducted between September 15th – 29th, disclosed that most major housing markets around the world will not be able to keep up with consumer price inflation in 2021. As a result, they are faced with multiple downside risks, in spite of rising strongly this year amid the COVID-19 pandemic and historically low interest rates.