News in end use

An updated CoreLogic analysis amid Hurricane Ian recovery efforts estimates $41-70 billion in total flood/wind losses. The estimate includes wind loss, reevaluated insured and uninsured storm surge loss, and newly calculated inland flood loss for residential and commercial properties.

A closer look at the US Bureau of Labor Statistics total nonfarm payroll report for September, with a focus on construction employment, reveals that employment in the sector increased by 19,000 to a total of 7.7 million in September. Residential construction added 6,4000 jobs and employment currently is above its February 2020 level.

According to the Mortgage Bankers Association’s Mortgage Credit Availability Index (MCAI), which analyzes data from the ICE Mortgage Technology, mortgage credit availability declined for the seventh consecutive month in September. The MCAI declined 5.4% to a reading of 102.5 in September.

Fannie Mae today released its Home Purchase Sentiment Index® for September. The HPSI fell 1.2 points to a reading of 60.8. This marks the seventh consecutive monthly decline, as affordability constraints continue to grow. Year-over-year, the full index is down 13.7 points.

The Bureau of Labor Statistics reported today that total nonfarm payroll employment increased by 263,000 in September, the lowest monthly gain in 17 months. Monthly job growth has averaged 420,000 thus far in 2022, compared to 562,000 per month in 2021.

Statistics Canada reported today that employment in Canada was little changed in September. After declining in August, employment was up 21,000 in September. However, when compared to May 2022, when employment last increased, there were 92,000, or 0.5%, fewer Canadians working.

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending October 6, 2022. The PMMS reports that the 30-year fixed-rate mortgage (FRM) averaged 6.66% with an average 0.8 point, down from last week when it averaged 6.70%. A year ago at this time, the 30-year FRM averaged 2.99%.

According to the Challenger, Gray & Christmas, Inc. Job Cuts Report released today, US-based employers announced 29,989 job cuts in September. This is a 46.4% increase from the 20,485 job cuts announced and reported in August 2022.

The US Department of Labor is reporting that seasonally adjusted an additional 219,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, October 1, 2022. This is an increase of 29,000 from the previous week’s revised-lower level of 190,000.

According to an updated baseline forecast released on Tuesday by the Mortgage Bankers Association, total commercial and multifamily mortgage borrowing and lending is anticipated to fall to $766 billion this year, down 14% from $891 billion in 2021.