Statistics Canada reported today that Canadian Consumer Prices Index rose 7.6% on a year-over-year basis in July, down from an 8.1% gain in June. Most of the decline was the result of a slower year-over-year increase in gasoline pricing.
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Shares of Mortgage Loans in Forbearance Continued to Fall in July but 370,000 Homeowners Remain
According to the new monthly Mortgage Bankers Association Loan Monitoring Survey, the total number of loans now in forbearance decreased by 7 basis points, from 0.81% of servicers’ portfolio volume in the prior month to 0.74% as of July 31.
Manufacturing Sales in Canada Decline 0.8% in June
Statistics Canada reported on Monday that manufacturing sales in Canada fell 0.8% to $71.8 billion (CAD) in June. This follows a 1.1% decline in May. Lower sales were reported in 8 of 21 industries.
Builder Sentiment for Newly Built Single-Family Homes Declines for the 8th Consecutive Month in August
On Monday, the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) reported that builder sentiment in the market for newly built single-family homes fell 6-points lower in August to a reading of 49.
Homeowners Are Postponing the Sale of Their Homes as Housing Market Continues to Cool
According to Redfin’s latest report, more homeowners are delaying the sales of their homes as the housing market cools, which in turn is contributing to the largest decline in home listings in over two years.
Canadian Investment in Building Construction Edges Higher in June
Statistics Canada reported that investment in building construction increased by 0.3% to $20.8 billion (CAD) in June. Non-residential sector gains helped to keep the overall building investment positive. June’s gains were the direct result of Ontario reporting gains in all building components.
Available Credit for Builders Shrank and Was More Expensive in Q2 2022
According to the latest National Association of Home Builders Survey on loans for Acquisitions, Development, and Construction (AD&C) released on Thursday, credit became both less available and more expensive on AD&C financing during Q2 of 2022.
University of Michigan Preliminary Consumer Sentiment Index Improves for August 2022
The University of Michigan today released its Preliminary Consumer Sentiment Index for August. The Index of Consumer Sentiment increased to a reading of 55.1 in August, up from its reading of 51.5 in July. This is a month-over-month increase of 7.0% but down 21.6% year-over-year.
Producer Price Index for Final Demand Declines in July—Still Up 9.8% Year-Over-Year
The Bureau of Labor Statistics reported today that the Producer Price Index for final demand, seasonally adjusted, declined 0.5% in July. This drop follows advances of 1.0% in June and 0.8% in May. On an unadjusted basis, final demand prices moved up 9.8% for the 12 months ending in July.
Housing Affordability in Q2 of 2022 Falls to Its Lowest Level Since the Great Recession
According to the latest National Association of Home Builders/Wells Fargo Housing Opportunity Index for Q2 of 2022, increasing mortgage rates, high inflation, low existing inventory, and rising home prices all caused housing affordability to fall to its lowest level since the Great Recession.