News in end use

The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 222,000, a decrease of 4,000 from the previous week’s revised level (originally reported as 225,000). The 4-week moving average was 221,000.

The Canadian Mortgage and Housing Corporation reported on Wednesday that October’s standalone monthly seasonally adjusted annual rate of total housing starts for all areas in Canada declined month-over-month by 11% to 267,055 units.

On Wednesday, 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 5 points lower to a reading of 33 in November. This marks the eleventh consecutive monthly decline.

According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending November 11th, the Market Composite Index (a measure of mortgage loan application volume) increased 2.7% on a seasonally adjusted basis from one week earlier.

Statistics Canada reported on Wednesday that the Canadian Consumer Price Index rose 6.9% year-over-year in October. The October increase matched the 6.9% increase recorded in September. The October increase was led by faster price growth for gasoline and mortgage interest costs.

The Canadian Real Estate Association reported on Tuesday that home sales recorded over the Canadian MLS® System edged 1.3% higher between September and October 2022. This marks the first monthly increase since February.

According to the Mortgage Bankers Association’s Mortgage Credit Availability Index report, which analyzes data from the ICE Mortgage Technology, Mortgage credit availability declined for the eighth consecutive month in October.

The Bureau of Labor Statistics reported today) that the Producer Price Index for final demand, seasonally adjusted, increased 0.2% in October. On an unadjusted basis, the index for final demand advanced 8.0% for the 12 months ending in October.

Redfin reports that according to their estimates, a homebuyer must earn $107,281 a year in order to be able to afford the typical monthly US mortgage payment of $2,682.00. That number is up 45.6% from a year ago.

Statistics Canada reported today that investment in building construction in Canada declined 0.6% to $20.9 billion (CAD) in September. Investment in residential building construction declined 1.3% to $15.4 billion. Single-family home investment fell 1.3% to $8.5 billion.