According to data from the Mortgage Bankers Association, for the week ending May 27, 2022, the Market Composite Index (a measure of mortgage loan application volume) declined -2.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index declined -3.0% compared with the previous week.
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Mortgage Loan Delinquencies Decline in the Commercial/Multifamily Sector in Q1 of 2022
On Tuesday, the Mortgage Bankers Association released its Commercial/Multifamily Delinquency Report for Q1 of 2022. The report revealed that mortgage loan delinquencies in this sector declined in Q1 of 2022. MBA’s quarterly analysis looks at commercial/multifamily delinquency rates for five of the largest investor-groups.
Job Openings and Labor Turnover Summary Released for April 2022
On Wednesday, the U.S. Bureau of Labor Statistics reported the Job Openings and Labor Turnover Summary (JOLTS) for April 2022. According to the JOLTS report, as of the last day in April, the number of job openings decreased from its all-time in March of 11.5 million to 11.4 million (-455,000), or a rate of 7.0%.
FHFA Reports U.S. House Prices Rose 18.7% Year-Over-Year in Q1 of 2022
According to the latest Federal Housing Finance Agency (FHFA) House Price Index released today, U.S. house prices rose 18.7% nationwide from Q1 of 2021 to Q1 of 2022. When compared to Q4 of 2021, U.S. house prices were up 4.6%. FHFA’s seasonally adjusted monthly index for March was up 1.5% from February 2022.
Canadian Real GDP Increased 0.7% in March 2022
StatsCan reported today that real gross domestic product (GDP) rose 0.7% in March, following a 0.9% expansion in February. Broad-based increases across most sectors were led by client-facing industries. Both services-producing (+0.6%) and goods-producing (+0.9%) industries were up, as 14 of 20 industrial sectors expanded in March.
U.S. Home Prices Post 20.6% Year-Over-Year Gain in March 2022
On Tuesday, S&P CoreLogic Case-Shiller released its U.S. National Home Price NSA Index for March. The Index, which covers all nine U.S. Census divisions, reported that home prices experienced a 20.6% annual gain in March. The increase follows a 20.9% annual gain in February and a 19.1% annual gain in January.
The Conference Board’s Consumer Confidence Index Drops Month-Over-Month in May 2022
The Conference Board released today (5-31-22) their Consumer Confidence Index® (CCI) for May 2022. The CCI declined slightly in May, following an upward revision in April’s initial report. The Index now stands at 106.4 (1985=100), down from 108.6 in April. The Present Situation Index dropped from 152.9 in April to 149.6 in May.
One Out of Five Home Sellers Has Reduced Their Price to Attract Buyers—Highest Level Since October 2019
During the four-week period ending on May 22, nearly one out of every five (19.1%) home sellers reduced their price, the highest level since October of 2019. Measures of competition—including the typical listing’s time on market, the share of homes pending sale within one week, and the share of homes sold above list price—have all plateaued.
Personal Income, Disposable Income, and Personal Consumption Expenditures All Increased in April 2022
The U.S. Bureau of Economic Analysis reported on Friday that according to their estimates, personal income increased $89.3 billion, or 0.4%, in April. Disposable personal income increased $48.3 billion, or 0.3%, in April. Personal consumption expenditures increased $152.3 billion, or 0.9%, in April.
University of Michigan Final Consumer Sentiment Index Declines for May 2022, Erasing All of April’s Gains
The University of Michigan today (Friday 5-27-22) released its final Consumer Sentiment Index (CSI) for May. The Index of Consumer Sentiment dropped to a reading of 58.4, down from April’s reading of 65.2. This is a month-over-month decrease of -10.4% and down -29.6% year-over-year (82.9 in May 2021).