The total number of loans now in forbearance decreased 4 basis points from 0.55% of servicers’ portfolio volume in March to 0.51% as of April 30th. The MBA estimates that 255,000 homeowners remain in forbearance plans.
News in end use
Canadian Consumer Price Index Increases Month-Over-Month and Year-Over-Year in April
Statistics Canada reported that the Canadian Consumer Price Index increased 4.4% year-over-year in April, following a 4.3% rise in March. This marks the first acceleration in headline consumer inflation since June 2022.
Canadian Housing Starts Increase in April
The standalone monthly seasonally adjusted annual rate of total housing starts for all areas in Canada reached 261,559 units in April, an increase of 22% when compared to March’s 213,780 units.
Canadian Home Sales Jump as Demand Continues to Outpace Limited Supply
The Canadian Real Estate Association reported that homes sales recorded over the Canadian MLS® Systems posted an increase of 11.3% from March to April. This follows a smaller back-to-back monthly gain between February and March.
Greater Availability of US Rental Units Leads to Rising Vacancies and Lower Rent Costs
Redfin reported that the median US asking rent increased 0.3% year-over-year to $1,967 in April, marking the eleventh consecutive month of slowing growth. Month-over-month, the median rent fell 0.2%.
Building Materials Costs Decline Month-Over-Month in April
The prices of goods used in residential construction ex-energy declined 0.2% in April, not seasonally adjusted. Year-to-date, the index has gained 0.5%, which is the smallest April YTD increase since it increased 0.3% over the first four months of 2020.
US Mortgage Delinquency Rate Drops in 2023Q1—Lowest Q1 Since 1979
The Mortgage Bankers Association released its Q1 National Delinquency Survey for mortgage loans on one-to-four-unit residential properties. The delinquency rate on such properties decreased to a seasonally adjusted rate of 3.56% of all outstanding loans at end of Q1.
University of Michigan Reports Preliminary Results of Its Consumer Sentiment Index for May
The Index of Consumer Sentiment fell to a reading of 57.7 in May, down from a reading of 63.5 in April. This is a month-over-month decline of 9.1% and down 1.2% year-over-year.
Construction Input Prices Down for Second Consecutive Month in April, Associated Builders and Contractors Reports
According to Associated Builders and Contractors analysis of Producer Price Index (PPI) data released Thursday, construction input prices increased 0.2% month-over-month in April. Nonresidential construction input prices rose 0.4%.
Fannie Mae’s Home Purchase Sentiment Index® Climbs Higher in April
Fannie Mae on Monday released its Home Purchase Sentiment Index® for April. The HPSI increased to its highest level since May 2022, climbing 5.5 points to a reading of 66.8. Year-over-year, the full HPSI is down 1.7 points.