News in end use

The Bureau of Labor Statistics (BLS) reported today (11-9-21) that the Producer Price Index (PPI) for final demand, seasonally adjusted, increased 0.6% in October. Final demand prices previously rose 0.5% in September and 0.7% in August.

The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 9 basis points from 2.15% of servicers’ portfolio volume in the prior week to 2.06% as of October 31, 2021. According to MBA’s estimate, 1 million homeowners are in forbearance plans.

On Friday (11-5-21), the Federal Reserve released their G.19 report for Q3 2021. With further analysis provided by the National Association of Home Builder (NAHB), the report shows that non-real estate-secured consumer credit increased at a seasonally adjusted annual rate (SAAR) of 5.6% in Q3 of 2021, with revolving debt increasing by 7.4% and nonrevolving debt increasing by 5.1%.

According to the latest report from Redfin, the technology-powered real estate brokerage firm, home prices moved unseasonably higher and quicker sales became more common in October. In the 4-week period ending October 31, the national median sale price increased 13% year-over-year to $357,007 and 1.5% from just 3-weeks earlier. This is compared to a 0.1% increase during the same time period in 2019.

According to Redfin, the Seattle-based, technology-powered real estate brokerage firm, the supply of America’s most affordable homes for sale jumped 13% year-over-year in Q3 2021. This occurred as mortgage forbearance programs came to an end, prompting many owners of low-cost homes to put their properties on the market.

The U.S. Bureau of Labor Statistics (BLS) reported today (11-5-21) that total nonfarm payroll employment increased by 531,000 in October, following a disappointing 194,000 in September, an increase of 235,000 in August, a revised 1.1 million in July, and a revised 962,000 increase in June.

The Mortgage Bankers Association today (11-5-21) released their Q3 2021 Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. According to the survey, mortgage loan originations for these types of properties in Q3 were 119% higher year-over-year and 19% higher from Q2 2021.

Statistics Canada (StatsCan) reported today (11-5-21) that after returning to its pre-pandemic level in September, employment held steady in October. Employment increases in a number of industries, including retail trade (+72,000), were offset by declines elsewhere, including accommodations and food service (-27,000).

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending November 4, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 3.09% with an average 0.7 point, down from last week when it averaged 3.14%. A year ago, at this time, the 30-year FRM averaged 2.78%.

The U.S. Department of Labor is reporting that an additional 269,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, October 30, 2021. This is a decrease of 14,000 from the previous week’s revised level and the lowest level for initial job claims since March 14, 2020, when it was 256,00.