News in end use

According to the latest Bloomberg Nanos Canadian Confidence Index (BNCCI), a measure of sentiment based on weekly polling, Canadian consumer confidence recorded its sharpest weekly decline since the darkest moments of the pandemic, with inflation and deteriorating outlook for housing weighing on consumer confidence.

A closer look at the Bureau of Labor Statistics’ April Producer Price Index (PPI) report, which was released on Thursday (5-12-22), with further analysis provided by the National Association of Home Builders (NAHB), reveals that the prices of goods used in residential construction (ex-energy and not seasonally adjusted) increased 0.5% in April.

According to the Mortgage Bankers Association’s latest Quarterly Survey of Commercial/Multifamily, mortgage loan originations increased 72% in Q1, when compared to the same period in 2021. In alignment with seasonality trends, originations during first three months of 2022 were -39% lower than Q4 of 2021.

In its latest report, which covers the four-week period ending May 8, 2022, Redfin, the Seattle-based, technology powered real estate company, reported that the typical home for sale found a buyer in 15 days. This is currently the fastest pace on record.

According to the recently released U.S. Census Bureau Housing Vacancy Survey (HVS), the U.S. housing and vacancy rate. The HVS reports that both rental and homeowner vacancy rates decreased between 2009 and 2019. The onset of the pandemic further tightened supplies.

The University of Michigan today (5-13-22) released its preliminary Consumer Sentiment Index (CSI) for May. The Index of Consumer Sentiment dropped to a reading of 59.1, down from April’s reading of 65.2; this is a month-over-month decrease of -9.4% and down -28.7% year-over-year (82.9 in May 2021).

The Bureau of Labor Statistics reported today that the Producer Price Index (PPI) for final demand, seasonally adjusted, increased 0.5% in April. On an unadjusted basis, final demand prices moved up 11.0% for the 12 months ending in April.

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending May 12, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.30% with an average 0.9 point, up from last week when it averaged 5.27%.

An additional 203,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday, May 7, 2022. This is an increase of 1,000 from the previous week’s revised level. The 4-week moving average was 192,750.

The Federal Reserve Board’s Senior Loan Officer Opinion Survey for Q1 of 2022, with further analysis provided by the National Association of Home Builders, reveals that Bank Lending Practices showed a significant net share of banks reporting more relaxed lending standards and weaker demand for most categories of residential real estate loans.