The U.S. Department of Labor is reporting that an additional 348,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, August 14, 2021. This is a decrease of 29,000 from the previous week’s revised level and the lowest level for initial claims since March 14, 2020, when it was 256,000.
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Housing Starts Trend Lower in July; Permits and Completions Increase
The U.S. Census Bureau has reported that privately‐owned housing starts in July were at a seasonally adjusted annual rate (SAAR) of 1,534,000. This is -7.0% below the revised June rate of 1,650,000 but is 2.5% above the July 2020 rate of 1,497,000.
Canadian Consumer Price Index Increases Month-Over-Month and Year-Over-Year
Statistics Canada (StatsCan) reported today (8-18-21) that the Canadian Consumer Price Index (CPI) increased 3.7% on a year-over-year basis in July, up from a 3.1% rise in June. Excluding gasoline, the CPI rose 2.8% year-over-year.
Mortgage Applications Decline in the Week Ending August 13, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending August 13, 2021, the Market Composite Index (a measure of mortgage loan application volume) decreased -3.9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -4% compared with the previous week.
Canadian Home Sales Decline for Fourth Consecutive Month in July, Falling -15.2% Year-Over-Year
The Canadian Real Estate Association (CREA) reported on Monday (8-16-21) that national home sales in Canada were down -3.5% on a month-over-month basis in July 2021. This marks the smallest of four consecutive declines since March. Year-over-year (not seasonally adjusted) sales activity declined -15.2%.
Mortgage Applications for New Home Purchases Drop -27.4% Year-Over-Year in July
The Mortgage Bankers Association (MBA) is reporting that data from their July 2021 Builder Application Survey (BAS) shows that mortgage applications for new home purchases decreased -27.4% year-over-year and were down -4.0% when compared to June 2021.
Builder Sentiment in the Market for Newly Built Single-Family Homes Declines 5-points in August 2021
The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) is reporting that builder sentiment in the market for newly built single-family homes declined 5-points to a reading of 75 in August. This is its lowest level since July of 2020, and after builder confidence topped at a reading of 90 last November.
Shares of Mortgages in Forbearance Decline for 24th Consecutive Week in the Week Ending August 8, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 14 basis points from 3.40% of servicers’ portfolio volume in the prior week to 3.26% as of August 8, 2021. According to MBA’s estimate, 1.6 million homeowners are in forbearance plans.
Census Bureau Reports Multifamily Units Completed in 2020 Increased by 6%
The 2020 U.S. Census Bureau’s Survey of Construction (SOC) with analysis provided by the National Association of Home Builders (NAHB) reveals that multifamily units completed in 2020 increased by 6% to 375,000. This represents the largest annual count of multifamily units completed in 30-years.
Canadian Manufacturing Sales Increase 2.1% in June, But Wood Product Sales Post -5.7% Decline
Statistics Canada (StatsCan) reported today (8-16-21) that following two successive months of declines, manufacturing sales rose 2.1% to $59.2 billion (CAD) in June. However, following six consecutive monthly gains, wood product sales fell -5.7% to $5.1 billion in June, on lower volumes and prices.