The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance remained unchanged relative to the prior week at 3.25% as of August 22, 2021. According to MBA’s estimate, 1.6 million homeowners are in forbearance plans. The share of Fannie Mae and Freddie Mac loans in forbearance remained the same relative to the prior week at 1.66%.
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The Conference Board Reports their Consumer Confidence Index Declined in August
The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today (8-31-21) their Consumer Confidence Index® (CCI) for August 2021. The CCI declined in August, following a decrease in July (a downward revision). The Index now stands at 113.8 (1985=100), down from 125.1 in July.
Pending Home Sales Decline Slightly in July
The National Association of Realtors® (NAR) has reported their Pending Homes Sales Index (PHSI) — which is based on signed real estate contracts, not actual closings, for existing single-family homes, condos, and co-ops — declined -1.8%, in July 2021 to a reading of 110.7. An index of 100 is equal to the level of contract activity in 2001.
Median Home Price Up 16% Year-Over-Year, According to Redfin’s Latest Home Sales Report
Redfin, the Seattle-based technology-powered real estate brokerage, is reporting that in the 4-week period ending Sunday, August 22, 2021, the national median home sales price increased 16% year-over-year to $361,225. During the same period of time, the share of home sellers dropping their price each week rose to 5.1%.
Falling Lumber and Wood Product Prices Cause Canadian Industrial Product Price Index to Decline in July
Statistics Canada (StatsCan) reported today (8-27-21) the Canada’s Industrial Product Price Index (IPPI) declined -0.4% in month-over-month in July but year-over-year was up 15.4%. The Raw Materials Price Index increased for the tenth consecutive month, up 2.2% on a monthly basis in July and was 37.7% higher year-over-year.
Interest Rates on 3 out of 4 Acquisitions, Development, and Construction Financing Loans Declined in Q2
According to the latest National Association of Home Builders (NAHB) Survey on Acquisitions, Development, & Construction (AD&C) Financing, in Q2 of 2021 interest rates on three of the four categories monitored continued on their downward trend that stated in Q3 of 2020.
U.S. Personal Income and Outlay Both Increased in July 2021
The U.S. Bureau of Economic Analysis (BEA) reported on Friday (8-27-21) that according to their estimates, personal income (PI) increased $225.9 billion, or 1.1% in July. Disposable personal income (DPI) increased $198.0 billion, or 1.1%, and personal consumption expenditures (PCE) increased $42.2 billion, or 0.3%.
University of Michigan Index of Consumer Sentiment Posts Sharp Declines in Final August Results
The University of Michigan today (Friday 8-27-21) released its final Consumer Sentiment Index (CSI) for August. The Index of Consumer Sentiment dropped to a reading of 70.3 in August, down from 81.2 in July, a month-over-month decline of -13.4% and -5.1% year-over-year (74.1 in August 2020).
Real GDP Increases 6.6% in Q2 2021, According to Bureau of Economic Analysis “Second” Estimate
According to the “second” estimate released by the Bureau of Economic Analysis (BEA), real gross domestic product (GDP) increased at an annual rate of 6.6% in Q2 of 2021. In Q1 of 2021, the real GDP increased 6.3%.
30-Year Mortgage Rates Inch Higher in the Week Ending August 26, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending August 19, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.87% with an average 0.6 point — up slightly from last week when it averaged 2.86%.