Smith Leonard’s latest Monthly Furniture Insight survey of residential furniture manufacturers and distributors reported November was another month of continuing improvement. New orders were up 17% year-over-year in November.
News in end use
Shares of Mortgages in Forbearance Remained Unchanged in Week Ending January 24th, 2021
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 5.38% of servicers’ portfolio volume as of January 24, 2021. According to MBA’s estimate, 2.7 million homeowners are in forbearance plans.
Buyers Perception of Housing Availability Improved in Q4 According to Latest Housing Trends Report
According to the latest Housing Trends Report from the National Association of Home Builders (NAHB) buyer’s perception about housing availability showed significant improvement in Q4 2020. In Q4, 37% of prospective buyers expected their search for a home would be easier in the months ahead, while 54% expected it to be more difficult or remain the same.
Rural Area Housing Inventory Shortages Drive Overall Housing Market Crunch
According to Redfin, the Seattle-based nationwide real estate brokerage firm, the housing inventory crunch continues to grow in the new year and in all sectors of the market. Especially hard hit has been rural areas, where city dwellers currently seem to be drawn and which recently set a new record low for available inventory.
Year-Over-Year Total Construction Spending Increased 5.7%
The U.S. Census Bureau is reporting that total construction spending during December 2020 was estimated at a seasonally adjusted annual rate of $1,490.4 billion, 1.0% above the revised November estimate of $1,475.6 billion. The December figure is 5.7% above the December 2019 estimate.
Canada’s Industrial Products Price Index Increased 1.5% in December Led by Wood Products, Energy and Petroleum
According to Statistics Canada (StatCan) prices for products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI) rose 1.5% in December, following a -0.5% decrease in November. This was the strongest monthly gain since November 2017 (+1.6%).
Housing Helped U.S. GDP Recover and Grow in 2020
An in depth look, provided by the National Association of Home Builders (NAHB), on buildings impact on the Bureau of Economic Analysis (BEA) Q4 2020 Gross Domestic Product (GDP) report, reveals that housing was one of the bright spots in the overall US economy.
U.S. Bureau of Economic Analysis Reports on Personal Income and Outlay for December 2020
The U.S. Bureau of Economic Analysis (BEA) on Friday (1-29-21) released its Personal Income and Outlays Report for December 2020. According to the BEA estimates personal income increased $116.6 billion (0.6%) in December.
Pending Home Sales Edge Lower in December but Up 21.4% for all of 2020
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 for the fourth straight month in a row failing -0.3% in December to a reading of 125.5.
Gross Domestic Product Increases in Q4 2020 but Year-Over-Year Declines -3.5%
According to the “advanced” estimate released today (1-28-21) by the U.S. Bureau of Economic Analysis real gross domestic product (GDP) increased at an annual rate of 4% in Q4 of 2020.