News in end use

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.

The Conference Board released today (11-18-22) the Leading Economic Index® (LEI) for the US in October 2022. According to the report, the LEI declined 0.8% in October to a reading of 114.9 (2016=100), following a 0.5% drop in September and remaining unchanged in August.

The National Association of Realtors® reported on Friday that total existing home sales recorded a 5.9% decline in October, reaching a seasonally adjusted rate of 4.43 million homes. This is the nineth consecutive monthly decrease.

The US Census Bureau reported on Thursday that privately‐owned housing starts in October were at a seasonally adjusted annual rate of 1,425,000. This is 4.2% below the revised September estimate of 1,488,000 and 8.8% below the October 2021 rate.