According to the April ADP® National Employment Report™, nonfarm private sector employment private sector employment increased by 742,000 jobs from March to April. The ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Moody’s Analytics.
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Mortgage Applications Decline for Second Consecutive Week in the Week Ending 30th April 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey for the week ending April 30, 2021, the Market Composite Index, a measure of mortgage loan application volume, decreased -0.9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -1% compared with the previous week.
Improved Homes For Sale Listings in April Still Cannot Keep Up Soaring Demand
Realtor.com is reporting that the number of new homes for sale rose in April 2021, compared to last year, when most cites had shelter-in-place orders in effect. Nevertheless, the number of new listing is still nearly 26% below pre-pandemic levels.
With Volatility Checks Removed, May CME Lumber Future Contract Moves to Historic Levels
CME Lumber Futures soared to new historic heights on Monday and Tuesday. With the May contract set to expire on Friday, May 14, 2021 at Noon (CDT), the limits on trading, which are set to hold volatility in check, have been removed for the final days of the contract.
Canadian Housing Industry Hits Third Consecutive Month of Record Setting Numbers
Led by a surge in residential building permits, Statistics Canada (StatsCan) is reporting that March 2021 marked the third consecutive month of recording setting numbers in the Canadian housing industry. Building permits rose 5.7% to $ 10.9 billion. The residential sector climbed 15.9%, clearing the $8.0 billion mark for the first time in March.
Shares of Mortgages in Forbearance Decline for Ninth Straight Week in Week Ending April 25, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 2 basis points from 4.49% of servicers’ portfolio volume in the prior week to 4.47% as of April 25, 2021. According to MBA’s estimate, 2.23 million homeowners are in forbearance plans.
Led by Lumber and Other Wood Products, Canadian Industrial Product Price Index Increases 1.6% in March
Statistics Canada (StatsCan) is reporting that in March, the Industrial Product Price index (IPPI) increased 1.6% month-over-month and 10% year-over-year. This marks the fourth consecutive monthly increases in the IPPI.
Total U.S. Construction Spending Slightly Higher in March
The U.S. Census Bureau has announced that total construction spending during March 2021 was estimated at a seasonally adjusted annual rate (SAAR) of $1,513 billion, 0.2% above the revised February estimate of $1,509.9 billion. The March figure is 5.3% above the March 2020 estimate.
Pending Homes Sales Index Increased 1.9% in March
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, increased 1.9% in March 2021 to a reading of 111.3.
Canadian Real GDP Grew 0.4% in February
Statistics Canada (StatsCan) is reporting that Real Gross Domestic Product (GDP) grew 0.4% in February following a 0.7% increase in January. This marks the tenth consecutive monthly increased and continued to offset the steepest decline on record in Canadian economic activity observed in March and April of 2020.