The delinquency rate for mortgage loans on one-to-four units residential properties decreased to a seasonally adjusted rate of 3.37% of all loans outstanding, according to the Mortgage Bankers Association.
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July’s US Median Asking Rent is Just $16 Below All-Time High
Redfin reported that the median US asking rent was $2,038 in July, just $16 below the record high set in August 2022.
Consumer Price Index Increases 0.2% in July; All-Item Index Up 3.2% Year-Over-Year
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% in July on a seasonally adjusted basis. Over the past 12 months, the all-item index has increased 3.2% before seasonal adjustment.
US Weekly Jobless Claims Increase in the Week Ending August 5th
The advance figure for seasonally adjusted initial unemployment claims was 248,000 during the week ending Saturday, August 5th. This is an increase of 21,000 from the previous week’s unrevised level of 227,000.
Total Value of Canadian Building Permits Increases in June
Statistics Canada reported that the total monthly value of building permits in Canada increased 6.1% in June to $11.6 billion (CAD), with a substantial monthly increase of 67.2% in the non-residential institutional component.
Mortgage Applications Decline for Third Consecutive Week in the Week Ending August 4th
Mortgage loan application volume decreased 3.1% on a seasonally adjusted basis from one week earlier, according to the Mortgage Bankers Association. On an unadjusted basis, the Index decreased 4.0%.
Consumer Debt Showed Signs of Slowing in Q2
Consumer credit outstanding growth slowed to 4.0% in 2023Q2 (SAAR), according to the US Federal Reserve and analysis by the National Association of Home Builders.
Mortgage Credit Availability in July Declines to Its Lowest Level Since 2013
According to the Mortgage Bankers Association’s Mortgage Credit Availability Index (MCAI) report, mortgage credit availability declined 0.3% in July.
Permit-to-Completion Times in Multifamily Buildings Increased Significantly in 2022
The average length of time to complete construction of a multifamily building in 2022, after receiving authorization, was 2.3 months longer than in 2021, according to the Census Bureau and NAHB.
NFIB’s Small Business Optimism Index Increased in July but Remains Below 49-Year Average
The National Federation of Independent Business Small Business Optimism Index increased 0.9 points to a reading of 91.9 in July. This is the 19th consecutive month that it has been below the 49-year average of 98.