According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending March 24th, the Market Composite Index—a measure of mortgage loan application volume—increased 2.9% on a seasonally adjusted basis from one week earlier.
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State-Level Review of Construction Sector Employment in February
A closer look at the Bureau of Labor Statistics nonfarm payroll report for February reveals that across the 48 states which reported construction sector data, 24 states reported an increase in February compared to January, while 19 states lost construction sector employment.
FHFA House Price Index Increased Month-Over-Month and Year-Over-Year in January
The Federal Housing Finance Agency (FHFA) reported today (3-28-23) its House Price Index (HPI®) for January. According to the HPI, US house prices rose 0.2%, seasonally adjusted, between December and January. Year-over-year, house prices rose 5.3%.
S&P CoreLogic Case-Shiller US Home Price Index Declined Again in January
On Tuesday, S&P Dow Jones Indices released its latest S&P CoreLogic Case-Shiller US National Home Price NSA Index. The Index reported that home prices experienced a 3.8% annual gain in January. This is down from a 5.6% annual gain in December.
The Conference Board’s Consumer Confidence Index Edged Higher in March
The Conference Board released today its Consumer Confidence Index® (CCI) for March. The CCI rose to 104.2 (1985=100) in March, up from February’s reading of 103.4.
Associated Builders and Contractors’ Backlog Indicator Grew to 9.2 Months in February
Associated Builders and Contractors is reporting that its Construction Backlog Indicator grew to 9.2 months in February. That reading is 1.2 months higher than in February 2022. The Southern region continues to post the highest backlogs of any region.
Americans Continue to Spend More on Rent… More Than They Can Afford
According to the latest Rental Report from Realtor.com, rent was less affordable in February compared to a year ago. Renters earning the typical household income spent 25.3% of their income on rent. February was the seventh consecutive month with a single-digit year-over-year increase.
Canadian Natural Resources Real GDP Declined in 2022Q4
Statistics Canada reported on Thursday that real gross domestic product (GDP) of the natural resources sector declined 1.9% in 2022Q4, after increasing 1.5% in 2022Q3. In contrast, the economy-wide real GDP was unchanged in 2022Q4.
Mortgage Payments Increase for Second Consecutive Month in February
The Mortgage Bankers Association reported on Thursday that according to its Purchase Applications Payment Index (PAPI) homebuyer affordability declined in February, as the national median payment applied for by applicants increased 4.9% to $2,061.
US Homebuyer’s Typical Down Payment Declined 10% Year-Over-Year in January
Redfin reported on Wednesday that the typical US homebuyer’s down payment declined 10% year-over-year in January to $42,375, its lowest level in nearly two years. Redfin notes that median down payment was down 35% from the peak reached in June 2022.