Statistics Canada reported today that the Consumer Price Index increased 6.8% year-over-year in November, following a 6.9% increase in October. Excluding food and energy, prices rose 5.4% year-over-year in November, following a gain of 5.3% in October.
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The Conference Board’s Consumer Confidence Index Increases in December
The Conference Board released today its Consumer Confidence Index® (CCI) for December 2022. The CCI, following back-to-back monthly declines, rose precipitously. The Index now stands at 108.3 (1985=100), up from November’s reading of 101.4.
US Owner and Rental Vacancy Rates Reach Lowest Levels in Decades
According to the National Association of Home Builder’s analysis of the 2021 American Community Survey, the owner vacancy rate fell below 0.9% and rental vacancy rates reached a new low of 5.2%. These are the lowest levels recorded by the ACS since the survey started generating this data in 2005.
Existing Home Sales Down Month-Over-Month and Year-Over-Year in November
The National Association of Realtors® reported on Wednesday that total existing home sales—completed transactions for single-family homes, townhomes, condominiums, and co-ops—recorded a 7.7% decline in November to a seasonally adjusted rate at 4.09 million homes.
Housing Starts and Permits Decline, While Completions Push Higher in November
The US Census Bureau reported on Tuesday that privately‐owned housing starts in November were at a seasonally adjusted annual rate of 1,427,000; this is 0.5% below the revised October estimate of 1,434,000 and is 16.4% below the November 2021 rate of 1706,000.
Fannie Mae Economic and Strategic Research Group Does Not See a Meaningful Recovery in the Mortgage and Housing Markets Until 2024
According to the ESR Group, following an upward revision in 2022Q3 real GDP and stronger-than-expected incoming personal consumption data to begin Q4, the economy is now expected to ‘eke out’ positive growth of 0.4% in 2022 before entering a modest recession in the new year.
New Home Mortgage Applications Increase Modestly Month-Over-Month but Declined Year-Over-Year in November
The Mortgage Bankers Association reported on Tuesday that data from their Builder Application Survey for November revealed that mortgage applications for new home purchases increased 1% month-over-month but were down 25.2% year-over-year.
Shares of Mortgage Loans in Forbearance Unchanged in November
According to the new monthly Mortgage Bankers Association (MBA) Loan Monitoring Survey, the total number of loans in forbearance was unchanged from October’s reading of 0.70%, as of November 30, 2022. The MBA estimates that 350,000 homeowners are now in forbearance plans.
US Builder Sentiment Declines for the Twelfth Consecutive Month in December
On Monday, the National Association of Home Builders/Wells Fargo Housing Market Index reported that builder sentiment in the market for newly built single-family homes dropped 2 points lower in December to a reading of 31. This marks the twelfth consecutive monthly decline.
Canadian Industrial Product Price Index and Raw Materials Price Index Both Decline Month-Over-Month in November
Statistics Canada on Monday reported that prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPP), fell 0.4% month-over-month in November but remained 9.7% higher than in November 2021. Energy and petroleum products, which were down 2.7%, led the decrease.