The U.S. Department of Labor is reporting that an additional 351,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, September 18, 2021. This is an increase of 16,000 from the previous week’s revised level.
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Existing Home Sales Declined Month-Over-Month and Year-Over-Year in August 2021
The National Association of Realtors® (NAR) reported that total existing home sales — which are completed transactions for single-family homes, townhomes, condominiums and co-ops — declined -2.0% from July to a seasonally adjusted rate at 5.88 million homes in August. Year-over-year sales are down -1.5% (5.97 million August 2020).
Mortgage Applications Jump to Highest Level Since April 2021 During the Week Ending September 17, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending September 17, 2021, the Market Composite Index — a measure of mortgage loan application volume — increased 4.9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 16% compared with the previous week.
New Home Prices in Canada Climb Month-Over-Month and Year-Over-Year in August
Statistics Canada (StatsCan) reported on Tuesday (9-21-21) that in August new house prices in Canada rose 0.7% month-over-month and are up year-over-year 12.2%. The latest increase continues the series of gains that began in May of 2020.
Housing Starts and Permits Increased in August, While Housing Completions Trended Lower
The U.S. Census Bureau on Tuesday (9-21-21) reported that privately‐owned housing starts in August were at a seasonally adjusted annual rate (SAAR) of 1,615,000. This is 3.9% above the revised July rate of 1,554,000 and is 17.4% above the August 2020 rate of 1,376,000.
New Home Mortgage Applications Decline 17% Year-Over-Year in August
The Mortgage Bankers Association (MBA) today (9-21-21) announced the results of their Builder Application Survey (BAS) data for August 2021. The BAS reveals that mortgage applications for new home purchases decreased -17% from August 2020. However, month-over-month (July 2021 to August 2021) applications increased by 9%.
As Expiration Dates Draw Near, Number of Borrowers Exiting Forbearance Increases During the Week Ending September 12, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 8 basis points from 3.08% of servicers’ portfolio volume in the prior week to 3.00% as of September 12, 2021. According to MBA’s estimate, 1.5 million homeowners are in forbearance plans.
Builder Confidence Improves in September, Ending 3-month Slide
On Monday (9-20-21), 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 edged 1-point higher in September to a reading of 76.
Home Sales and Economic Growth Continue to be Slowed by Labor and Supply Chain Limitations
According to the September 2021 commentary from the Fannie Mae Economic and Strategic Research (ESR) Group, for the second month in a row, expectations for near-term real GDP growth were revised downward-and-outward due to persistent supply chain disruptions and labor market tightness.
U.S. Bureau of Labor Statistics Releases State-by-State Unemployment and Employment Report for August
According to the latest U.S. Bureau of Labor Statistics (BLS) state-by-state unemployment and employment report for August, unemployment rates were lower in 15 states and D.C. and stable in 35 others.