News in end use

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending December 3, 2021, the Market Composite Index (a measure of mortgage loan application volume) increased 2.0% percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 45% compared with the previous week.

On Wednesday (12-8-21), the U.S. Bureau of Labor Statistics (BLS) reported the Job Openings and Labor Turnover Summary (JOLTS) for October 2021. According to the JOLTS report, as of the last day in October, the number of job openings increased to 11.0 million (+431,000). The Job opening rate was little changed at 6.9%. The number of hires was little changed at 6.5 million.

Fannie Mae today (12-7-21) released their Home Purchase Sentiment Index® (HPSI) for November. The HPSI for November decreased -0.8 points to a reading of 74.7, as consumers expressed only contrasting views of homebuying and home-selling conditions but also their greatest economic pessimism in 10-years.

According to the Q3 edition of the National Association of Home Builders (NAHB) Home Building Geography Index (HBGI), the shift of single-family construction to suburban areas, brought on by the onset of the COVID-19 pandemic last year, continues unabated. However, the HBGI notes that more urban core markets are in the process of making a comeback. This has occurred as more workers transition back to the workplace.

According to the Mortgage Bankers Association’s (MBA) Commercial/Multifamily Delinquency Report (CMDR) that was released on Tuesday (12-7-21), the mortgage delinquency rate on these types of properties declined in 2021 Q3. The CMDR analyzes commercial/multifamily delinquency rates quarterly for five of the largest investor-groups.

First American Financial Corporation, the Santa Ana, California-based comprehensive title insurance protection and professional settlement services provider, has released it Real House Price Index (RHPI) for September 2021. According to the RHPI, real house prices increased 1.7% from August to September and 17.5% year-over-year.

Redfin, the Seattle-based, technology-powered real estate brokerage, is reporting that the number of homes for sale hit an all-time low in the week ending November 28, 2021. According to Redfin, during that same period, sustained demand pushed the median home price to another record high.

Statistics Canada (StatsCan) reported today (12-3-21) that employment in Canada increased by 154,000 (+0.8%) in November and was 186,000 (+1.0%) higher than its pre-COVID level in February 2020. Employment increased in both the services-producing and goods-producing sectors in November.

The U.S. Bureau of Labor Statistics (BLS) reported today (12-3-21) that total nonfarm payroll employment increased by 210,000 in November. This growth follows increases of 531,000 in October, 194,000 in September, 235,000 in August, 1.1 million in July, and 962,000 in June. Nonfarm payroll employment has increased by 18.5 million since April 2020 but is down by -3.9 million.

Across the 48 states that reported construction sector job information (both residential as well as non-residential construction), 33 states reported an increase in October compared to September. Conversely, 13 states lost construction sector jobs.