Fannie Mae’s Economic and Strategic Research (ESR) Group is pointing to the reopening of the economy in several states from the COVID-19 pandemic shutdowns, as a reason for their raising their estimates for the 2020 full year GDP from the current -5.4% decline it predicted in June to a -4.2% downturn in July.
The Mortgage Bankers Association (MBA) Builder Application Survey (BAS), which tracks application volume from mortgage subsidies of home builders across the U.S., reports that for June 2020, mortgage applications for new home purchases increased 54.1% year-over-year.
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending 10th July 2020, the Market Composite Index, a measure of mortgage loan application volume, increased 5.1% on a seasonally adjusted basis from one week earlier.
The Real Estate Institute of New Zealand is reporting that in spite of the COVID-19 pandemic and the predictions of a decline in housing values and sales, in June housing prices increased nationally 9.2%, while sales volume grew by 7%.
The Bureau of Labor Statistics (BLS) is reporting that after three continuous months of declines, the Consumer Price Index (CPI) and “Core” CPI rose 0.6% in June, on a seasonally adjusted basis, as the U.S. economy reopened.
According to data from Redfin, the Seattle based real estate brokerage, more than half of the offers for homes on their website were part of a bidding war for the second month in a row in June.
The U.S. Bureau of Economic Analysis is reporting that real gross domestic product (GDP) fell in all 50 states and the District of Columbia, in the first quarter of 2020, when compared to the fourth quarter of 2019.
According to the Associated Builders and Contractors (ABC) analysis of the recently released U.S. Bureau of Labor Statistics (BLS) Producer Price Index (PPI), construction input prices increased 2.2% in June.
According to a report released by Black Knight, a provider of integrated data and analytics for the mortgage and home equity lending service, there were 4.14 million mortgages in forbearance for the week ending July 10th.
Statistics Canada is reporting that the economy added 953,000 jobs in June.