According to Statistics Canada (StatsCan), the Canadian Consumer Price Index (CPI) increased 3.4% on a year-over-year basis — its fastest pace since May 2011, up from March’s gain of 2.2% gain. On a seasonally adjusted monthly basis, the CPI rose 0.6% in April.
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Housing Starts, Permits and Completions Decline Month-Over-Month in April but Remain Up Year-Over-Year
The U.S. Census Bureau has reported that privately‐owned housing starts in April were at a seasonally adjusted annual rate (SAAR) of 1,569,000. This is -9.5% below the revised March estimate of 1,733,000 but is 67.3% above the April 2020 rate.
Shares of Mortgages in Forbearance Decline for Eleventh Consecutive Week in Week Ending May 9, 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 4.36% of servicers’ portfolio volume in the prior week to 4.22% as of May 9, 2021. According to MBA’s estimate, 2.1 million homeowners are in forbearance plans.
Canadian Housing Starts Decline Month-Over-Month in April
According to the Canada Mortgage and Housing Corporation (CMHC), the trend in housing starts was 279,055 units in April 2021, up month-over-month from 272,164 units in March.
April Sales Falter After a Record-Breaking March in Canadian National Home Sales
According to the Canadian Real Estate Association (CREA), national home sales in Canada declined 12.5% on a month-over-month basis in April. However, March was a record setting month.
Builder Confidence in Newly Built Single-Family Homes Holds Steady in May
The National Association of Home Builders (NAHB) / Wells Fargo Housing Market Index (HMI) reports that builder confidence in the market for newly built single-family home was unchanged in May from April’s reading of 83. Builder confidence topped at a level of 90 in November 2020.
New Home Listings Increase but Housing Shortage Continues
According to HouseCanary, the San Francisco based, valuation-focused real estate brokerage which provides software and service to the real estate marketplace, latest data indicates that the housing shortage could linger for a while. However, there might be hope on the horizon.
Construction Input Prices Increased 19.2% Year-Over-Year, 1.3% For April
Analysis of the U.S. Bureau of Labor Statistics (BLS) of April’s Producer Price Index data provided by Associated Builders and Contractors (ABC) reveal that construction input prices increased 1.3% in April 2021, when compared those of March 2021. Nonresidential construction input prices increased 1.6% in April.
Index of Consumer Sentiment in May Drops -6.2% Month-Over-Month, Rises 14.5% Year-Over-Year
The University of Michigan released today (5-14-21) its preliminary Index of Consumer Sentiment (ICS) for May 2021. Month-over-month the ICS declined -6.2% from 88.3 in April to 82.8 in May. When compared to May 2020, the ICS increased 14.5% from May 2020 reading of 72.3.
30-Year Mortgage Rate Drops to 2.94% in the Week Ending May 13, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending May 6, 2021. The PMMS reports that the 30-year fixed-rate mortgage averaged 2.94% with an average 0.7 point, down from last week when it averaged 2.96% percent. A year ago, at this time, the 30-year FRM averaged 3.28%.