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Market Recap: RISI Crow’s Construction Materials Cost Index
A price index of lumber and panels used in actual construction for March 16, 2012
*Western – regional species perimeter foundation; Southern – regional species slab construction.
Crow’s Market Recap — A condensed recap of the market conditions for the major North American softwood lumber and panel products as reported in Crow’s Weekly Market Report.
Lumber: Sales activity was lackluster in the SPF lumber market, as traders awaited the expiration of the March futures contract. Despite the sporadic trading, which spiked modestly higher on Wednesday, #2&Btr prices remained firm in both the East and West. Momentum from previous weeks dwindled early in the Southern Pine lumber market, limiting price increases for dimension lumber. While producers carried order files of up to two weeks, others had greater volumes to offer customers. Prices managed to increase. Sales activity in the Coastal species lumber market slowed enough for one major producer to describe the market as "quiet." Still, prices were stable or edged higher. Low grades remained strong. The market for Inland species lumber was quieter than in previous weeks, but control of the market remained in the hands of producers. Wholesalers reported good activity out of reloads, as buyers turned there to get quicker deliveries than mills offered. Idaho White Pine sales remained on firm ground, as light inventories and steady sales moved prices up in both Sterling and Standard grades. Eastern White Pine producers carried light inventories, and prices were firm or higher. Ponderosa Pine board mills continued to cut alternate species, which left buyers struggling to find coverage in that species. Availability of Ponderosa Pine Mldg&Btr and Shop remained limited. An increase in solid linear moulding orders brought millwork manufacturers into the market. Radiata Pine Shop sales were light and availability thin. One Western Red Cedar producer described sales activity as "more sporadic," which lent to an overall feel that demand had taken a half-step backward. Previously sold volumes made their way through the distribution system, leaving a pause before buyers step back in to purchase again.
Panels: Although the tone of OSB markets was quiet, the overall sense of the market was still positive. Order files out as far as mid-April strengthened producers’ control of the market. Production volumes in close step with demand added to that strength. Southern Pine plywood buyers directed more of their attention toward tasks other than purchasing. Buyers did fill in inventory holes when necessary but tended to hold off on large purchases. The week in Western Fir plywood got off to a decent start and saw its greatest activity at midweek before slowing. Significant volumes of sheathing sold, allowing producers to post higher quotes and achieve levels $10 higher on most CDX items. The market for Canadian plywood was steady but quiet due to mill order files as far out as the week of April 16. Spring break in some areas and a "wait and see" attitude from buyers were also mentioned as reasons for the slower pace. Enough volumes of particleboard and MDF sold at higher prices to push some market levels higher.
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Shoplifter gets probation in $500,000 shoplifting ring
A case that started with a group of Home Depot customers reporting two suspected shoplifters in Beaverton, Ore., has produced its first conviction. William Hazelwood, 35, pled guilty to one count of first degree theft and was sentenced to 1.5 years of probation and ordered to pay attorney fees, plus an assessment and surcharge, according to an article in The Oregonian. Hazelwood also received an order for drug abuse assessment, counseling and treatment from the Washington County Circuit Court.
Trials are pending for two other suspects arrested in the case, where authorities recovered nearly $500,000 of reportedly stolen goods, including two ski boats, three enclosed utility trailers, a 24-ft. RV, computers and equipment from local businesses and restaurants, appliances from new residential construction sites, and tools and equipment from various construction sites.
Police apprehended the three suspects on Dec. 26, after a group of Home Depot customers reported seeing two men wheeling a shopping cart full of merchandise through an emergency exit door. After watching the men load the goods into a waiting utility trailer, the witnesses took down a description of the car before it drove away.
When police caught up with the suspects, they found $1,200 worth of Home Depot merchandise in the vehicle and trailer.
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Report: More than 860,000 foreclosures nationally in 12 months
According to a report by CoreLogic, a provider of information, analytics and business services, the United States saw more than 860,000 completed foreclosures between January 2011 and January 2012. There were 69,000 completed foreclosures in January 2012, 65,000 the previous month. In January 2011, the completed foreclosure rate was 80,000.
Approximately 1.4 million homes, or 3.3% of all homes with a mortgage, were in the foreclosure inventory as of January 2012, compared with 1.5 million, or 3.6% in January 2011. (The foreclosure inventory is the stock of homes in the foreclosure process.) Nationally, the number of loans in the foreclosure inventory decreased by 145,000, or 9.5%, in January 2012 compared with January 2011.
“We are encouraged by the noticeable progress we are seeing over the last several months in the mortgage industry," said Anand Nallathambi, CEO of CoreLogic. "During the last several years the industry has faced enormous challenges working through difficult and complex issues. We are hopeful that these recent improvements are early signals of revitalization in the mortgage market."
The five states with the largest number of completed foreclosures for the 12 months ending in January 2012 were: California (155,000), Florida (86,000), Arizona (65,000), Michigan (65,000) and Texas (57,000). These five states account for 49.7% of all completed foreclosures nationally.
The five states with the highest foreclosure rates were: Florida (11.8%), New Jersey (6.4%), Illinois (5.3%), Nevada (5.0%) and New York (4.7%).
The five states with the lowest foreclosure rates were: Wyoming (0.7%), Alaska (0.8%), North Dakota (0.8%), Nebraska (1.1%) and Texas (1.3%).
These are definitely good
These are definitely good news and it's great to see a positive progress in the mortgage market.Hopefully, these positive dynamic will proceed and soon we will see better and even more impressive results.Anyway, I'm always sad to hear about foreclosures because to me it's awful to loose a roof over head.860 000 foreclosures is not a small ammount and I try to understand why so many people face foreclosure.Maybe it doesn't worth to take a mortgage that you will not be able to pay off?Maybe a lot of people are too confident that they will be able to pay off the debt and take mortgages that they can not pay?I am sure that they should be more rational and take affordable mortgages that they are able to pay off to avoid foreclosure. http://cashadvancesus.com/