According to the latest Federal Housing Finance Agency (FHFA) House Price Index (HPI®), released today (1-25-22), U.S. house prices increased 1.1% month-over-month in November. House prices increased 17.5% from November 2020 to November 2021. The previously reported 1.1% percent price change for October 2021 remained unchanged.
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Home Prices Increase 1.5% Month-Over-Month and 21.0% Year-Over-Year in November, According to First American Financial Corporation
In November’s RHPI, First American found that real house prices increased by 1.5% from October and were up 21.0% year-over-year. It also found that the average house now costs $475,180 up $2,818 from $472,362 in October, while the average household income is $69,807, up by $414 from $69,393. According to First American, the three key points of the First American RHPI are income, mortgage rates, and an unadjusted house price index.
S&P CoreLogic Case-Shiller National Home Price Index Increases 18.8% in November
According to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which covers all nine U.S. Census divisions, reported today (1-25-22) that home prices experienced a 18.8% annual gain in November. This is down from a 19.0% annual gain in October, which was down from the 19.7% annual gain in September 2021. The 10-City Composite annual increase came in at 16.8%, down from 17.2% in October.
Consumer Confidence Declines in January, Ending Three Consecutive Months of Gains
The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today (1-25-22) their Consumer Confidence Index® (CCI) for January 2022. The CCI declined in January after an increase in December. The Index now stands at 113.8 (1985=100), down from 115.2 in December. The Present Situation Index — based on consumers’ assessment of current business and labor market conditions — improved to 148.2 from 144.8 in December.
Freddie Mac Predicts Stable Single-Family Housing Market in 2022
Freddie Mac released its new Quarterly Forecast on Friday (1-21-22). The forecast is from Freddie Mac’s Chief Economist Sam Khater, who is predicting that in spite of mortgage interest rates rising, the single-family housing market in 2022 will remain stable. Khater added that rising rates will lead to moderation in homebuyer demand, slowing house price growth somewhat.
Americans Continue to Place Homeownership on Hold
According to the National Association of Home Builders’ Q4 2021 Housing Trends Report (HTR), the share of U.S. adults planning a home purchase within the next 12 months has fallen for the second consecutive quarter. The share fell from 17% in Q2, to 16% in Q3, to 15% in Q4. The HTR sees more Americans postponing their homeownership plans due to higher home prices and low housing availability — relative to demand.
U.S. to Close Borders to Unvaccinated Canadian and Mexican Truckers Effective Saturday, January 22, 2022
In a statement released on Thursday (1-20-22) Department of Homeland Security (DHS) Secretary Alejandro N. Mayorkas, said, “Starting on January 22, 2022, the Department of Homeland Security will require that non-US individuals entering the United States via land ports of entry or ferry terminals along our Northern and Southern borders be fully vaccinated against COVID-19 and be prepared to show related proof of vaccination.”
December’s Monthly Forbearance Report Shows Steady Decline in Number of Homeowners Still in Plans
According to the new monthly Mortgage Bankers Association’s (MBA) Loan Monitoring Survey (LMS), the total number of loans now in forbearance decreased by 25 basis points from 1.67% of servicers’ portfolio volume in the prior month to 1.41% as of 31st December 2021. The MBA estimates that 705,000 homeowners remain in forbearance plans.
Leading Economic Index® for U.S. Increases in December
The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today (1-21-22) the Leading Economic Index® (LEI) for the U.S. in December. According to the report, the LEI for the U.S. increased by 0.8% in December to 120.8 (2016 = 100), following a 0.7% increase in November, a 0.7% increase in October, and a 0.3% increase in September. The Conference Board Coincident Economic Index® (CEI) for the U.S. increased by 0.2% in December.
New Home Mortgage Applications Drop Both Month-Over-Month and Year-Over-Year in December
According to the Mortgage Bankers Association’s (MBA) December Builder Application Survey (BAS), mortgage applications for new home purchases declined -7.1% year-over-year. Compared to November 2021, applications decreased by 5%. This change does not include any adjustments typical seasonal patterns. The BAS tracks application volume from mortgage subsidiaries of home builders across the country.