The U.S. Department of Labor is reporting that an additional 187,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, March 19, 2022. This is a decrease of 28,000 from the previous week’s revised level and the lowest level of initial claims since September 6, 1969.
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Canadians Receiving Employment Insurance Little Changed Month-Over-Month in January 2022
Statistics Canada (StatsCan) reported today (3-24-22) that approximately 633,000 Canadians received regular Employment Insurance (EI) benefits in January, little changed from December 2021. The January EI statistics reflect labor market conditions during the week of January 9th to 15th, 2022.
New Residential Single-Family Homes Sales Down Month-Over-Month and Year-Over-Year in February
New residential single-family home sales for February 2022 were at a seasonally adjusted annual rate of 772,000, according to estimates. This is -2.0% below the revised January rate of 788,000 and is -6.2% below the February 2021 estimate of 823,000.
Freddie Mac Reports its Multifamily Apartment Investment Market Index® Declined in Q4 2021
Freddie Mac is reporting that its Multifamily Apartment Investment Market Index® declined by -4.8% in Q4 2021 and is down -2.4% when compared to Q4 2020. Record multifamily price appreciation, which saw its largest single-quarter growth in the history of the index, and rising mortgage rates more than offset unprecedented growth in net operating incomes.
Mortgage Applications Decline for the Second Consecutive Week in the Week Ending March 18, 2022
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending March 18, 2022, the Market Composite Index (a measure of mortgage loan application volume) declined -8.1% on a seasonally adjusted basis from one week earlier.
Shares of Mortgage Loans in Forbearance Decline to 1.18% as of February 28, 2022
According to the new monthly Mortgage Bankers Association’s Loan Monitoring Survey, the total number of loans now in forbearance decreased by -12 basis points from 1.30% of servicers’ portfolio volume in the prior month to 1.18% as of February 28, 2022. The MBA estimates that 590,000 homeowners remain in forbearance plans.
Canadian Industrial Product Price Index Moves Higher in February Led by Energy, Petroleum, and Softwood Lumber Gains
Statistics Canada (StatsCan) reported today (3-22-22) that prices of products manufactured in Canada rose 3.1% month-over-month in February 2022 and were up 16.4% year-over-year. The prices of raw materials purchased by manufacturers operating in Canada increased 6.0% month-over-month in February 2022 and are up 29.8% year-over-year.
Fannie Mae’s Economic and Strategic Research Group Lowers Its GDP Expectations for 2022
The ESR has indicated that continuing supply chain issues, increasing inflation, and the conflict in Ukraine are all placing macroeconomic pressure on the market. These factors have resulted in the downgrading of their expectations for GDP growth by year-end from 2.8% in their February 2022 commentary to 2.3% in their March 2022 commentary.
Canadian Real Estate Association Updates its 2022-2023 Home Sales Activity Forecast
The Canadian Real Estate Association has updated its forecast for home sales activity via the Multiple Listing Service® Systems of the Canadian Real Estate Boards and Association in 2022 and extended the forecast into 2023. The report reveals that home sales started 2022 below 2021 levels, while price growth has continued at a record-breaking pace.
Rents and Mortgage Payments Hit New Record Highs in February 2022
Redfin reported today (3-21-22) that the average monthly asking rent in the U.S. increased year-over-year by 15% to a record high of $1,901 in February 2022. According to the report, this is the largest annual jump since at least February 2020. The national median monthly mortgage payment for homebuyers climbed 31% year over year to $1,716.