News in end use

According to US Census Bureau data, with additional analysis provided by the National Association of Home Builders, the number of multifamily, for-rent housing starts remained elevated in Q3 2022. With 141,000 units started in Q3, this was the largest quarter for rental multifamily construction since Q2 of 1986.

Redfin reported today that investor home purchases fell 30.2% year-over-year in Q3. According to Redfin, this is the largest decline since the Great Recession, aside from 20Q2 amid the onset of the COVID-19 pandemic. The decline in investor home purchases outpaced the 27.4% drop in overall home purchases nationwide in Q3.

The Mortgage Bankers Association (MBA) reported on Tuesday that according to its Purchase Applications Payment Index (PAPI), homebuyer affordability continued its downward trend in October, as the national median payment applied for by applicants increased 3.7% to $2,012 from $1941 in September.

According to the new monthly Mortgage Bankers Association (MBA) Loan Monitoring Survey, the total number of loans now in forbearance increased by 1 basis point, from 0.69% of servicers’ portfolio volume in the prior month to 0.70% as of October 31st. The MBA estimates that 350,000 homeowners are now in forbearance plans.

According to the November 2022 commentary released today by Fannie Mae’s Economic and Strategic Research Group, after rebounding at a 2.6% annualized rate in 22Q3 on the strength of net exports, real GDP is project to turn negative again in Q4 as the temporary boost from international trade moderates.

According to Redfin, pending home sales fell the most on record in October and deal cancellations and price cuts hit record highs. Redfin is reporting that pending sales dropped 32.1% year-over-year in October, the largest decline since at least 2013.

A closer look at the nonfarm payroll employment on a state-by-state basis in October reveals that employment increased in 42 states and declined in 8 other states and DC. Nationwide nonfarm payroll increased by 261,000 jobs in October.

A closer look at the Bureau of Labor Statistics October 2022 Producer Price Index (PPI) report reveals that the price of building materials declined 0.2% in October (not seasonally adjusted), following a 0.5% decline in September.

A closer look at the Bureau of Labor Statistics October 2022 Producer Price Index (PPI) report reveals that the price of building materials declined 0.2% in October (not seasonally adjusted), following a 0.5% decline in September.

Statistics Canada reported today the prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), rose 2.4% on a monthly basis in October and were 10.1% higher year-on-year.