The U.S. Department of Labor is reporting that an additional 218,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday, May 14, 2022. This is an increase of 21,000 from the previous week’s revised level. The 4-week moving average was 199,500.
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Privately Owned Housing Starts, Permits, and Completions All Fall Month-Over-Month in April 2022
The U.S. Census Bureau reported on Wednesday (5-18-22) that privately‐owned housing starts in April were at a seasonally adjusted annual rate (SAAR) of 1,724,000. This is -0.2% below the revised March estimate of 1,728,000 but is 14.6% above the April 2021 rate of 1,505,000. Single-family housing starts in April were at a rate of 1,100,000.
The Single-Family Built-for-Rent Sector Continues to Expand as Housing Affordability Declines
According to the U.S. Census Bureau’s Quarterly Starts and Completion by Purpose and Design report for Q1 of 2022, with additional analysis provided by the National Association of Home Builders (NAHB), the single-family built-for-rent sector (SFBFR) continues to expand as housing affordability hurdles continue to increase.
Home Sale Bidding Wars Slow for Second Consecutive Month in April
Redfin, the Seattle-based, technology powered real estate company, reported today (5-18-22) that, nationwide, 60.7% of home offers written by Redfin agents in April encountered competition on seasonally annual adjusted basis. This is the lowest level seen since March of 2021. The statistic is down from a revised rate of 63.4% in March.
Mortgage Applications Decline in the Week Ending May 13, 2022
According to data from the Mortgage Bankers Association, for the week ending May 13, 2022, the Market Composite Index (a measure of mortgage loan application volume) declined -11.0% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index declined -11.0% compared with the previous week.
Canadian Investment in Building Construction Up in March, Completing Strong Q1 Results
Statistics Canada (StatsCan) reported today (5-17-22) that the investment in building construction in March rose 1.8% to $20.3 billion (CAD), a new record high. Gains were reported in both the residential and non-residential sector. On a constant dollar basis (2012=100), investment in building construction increased 1% to $12.3 billion.
Builder Sentiment Tumbles 8 Points Lower in May, Marking Fifth Consecutive Month of Declines
On Tuesday (5-17-22), 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 tumbled -8 points lower in May to a reading of 69. This marks the fifth consecutive month that builder sentiment has declined.
Shares of Mortgage Loans in Forbearance Decline to 0.94% as of April 30, 2022
According to the new monthly Mortgage Bankers Association’s (MBA) Loan Monitoring Survey (LMS), the total number of loans now in forbearance decreased by -11 basis points from 1.05% of servicers’ portfolio volume in the prior month to 0.94% as of April 30, 2022. The MBA estimates that 470,000 homeowners remain in forbearance plans.
Canadian Housing Starts Climb Higher in April
The Canadian Mortgage and Housing Corporation (CMHC) reported today (5-16-22) that the trend in housing starts in Canada was 257,846 units in April, up from 253,226 units in March. This trend measure is a six-month moving average of the monthly seasonally adjusted annual rate (SAAR) of housing starts.
Canadian Home Sales Decline Month-Over-Month and Year-Over-Year in April
According to statistics released on Monday by the Canadian Real Estate Association, home sales recorded over Canadian MLS® Systems declined -12.6% between March and April. The Aggregate Composite MLS® Home Price Index edged down -0.6% on a month-over-month basis in April—the first month-over-month decline since April 2020.