According to the October ADP® National Employment Report™, nonfarm private sector employment increased by 571, 000 jobs from September to October. The ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Moody’s Analytics. The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally adjusted basis.
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Total Value of Building Permits in Canada Increases 4.3% in September
Statistics Canada (StatsCan) reported today (11-2-21) that the total value of building permits in Canada increased 4.3% in September 2021 to $10.1 billion (CAD). Construction intentions in the residential sector were up 8.2%, while the non-residential sector decreased 3.2%. Overall, the residential sector rose 8.2% in September to $6.9 billion.
Third Quarter U.S. Residential Vacancies and Homeownership Survey Unchanged from Q2 2021
The U.S. Census Bureau today (11-2-21) announced its Housing Vacancy Survey (CPS/HVS) for Q3 2021. CPS/HVS reveals that the U.S. homeownership rate was flat at 65.4% in Q3. The homeownership rate of 65.4% was -2.0 percentage points lower than the rate in Q3 2020 (67.4%) and virtually the same as the rate in Q2 2021 (65.4%).
Shares of Loans in Forbearance Inched Lower During the Week Ending October 24, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 6 basis points from 2.21% of servicers’ portfolio volume in the prior week to 2.15% as of October 24, 2021. According to MBA’s estimate, 1.1 million homeowners are in forbearance plans.
U.S. Construction Spending in September Rose 7.8% Year-Over-Year But Fell Slightly Month-Over-Month
The U.S. Census Bureau has announced on Monday (11-1-21) that total construction spending during September 2021 was estimated at a seasonally adjusted annual rate (SAAR) of $1,573.6 billion, -0.05% below the revised August estimate of $1,582.0 billion.
Housing Market Speeding Up — Uncommon for this Time of Year
Redfin, the Seattle-based technology-powered real estate company, is reporting that during the four-week period ending October 28, 2021, one-third of homes sold in that period went under contract within seven days of hitting the market.
Potential Home Buyers’ Perception of Housing Affordability Declines for Third Consecutive Quarter
According to the National Association of Home Builders’ (NAHB) latest Housing Trend Report (HTR), buyers’ perception of home affordability declined further in Q3 of 2021. In Q3, 73% of buyers estimated that they could afford less than half the homes available for sale in their markets.
Canada’s Industrial Product Price Index Increases Month-Over-Month and Year-Over-Year in September
Statistics Canada (StatsCan) reported today (10-29-21) that the price of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), increased 1.0% month-over-month in September and 14.9% year-over-year.
Prospective Buyers’ Expectations of Housing Availability Decline for Third Consecutive Quarter
According to the National Association of Home Builders (NAHB) latest Housing Trends Report (HTR), there has been significant changes in buyers’ perceptions in regard to the challenges of the easier home availability. Today, 66% expect that finding the right home will be harder or not change much, up from 54% in Q4 of 2020.
Canada’s GDP Increased 0.4% in August
Statistics Canada (StatsCan) reported today (10-29-21) that Canada’s real gross domestic product (GDP) rose 0.4% in August. This was result of the continued easing of public health restrictions and further reopening across the country, as well as increased demand across many close contact service industries.