According to the results of the latest National Association of Home Builders (NAHB) Multifamily Market Survey (MMS), builders and developer confidence in the multifamily market fell in Q4 of 2020. The MMS is broken into two separate indices: The Multifamily Production Index (MPI), which fell 5 points to 43; and the Multifamily Vacancy Index (MVI), which edged down two points to 42.
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Led by Higher Prices for Wood Products, Canada’s Industrial Product Price Index Increased 2% in January
Statistics Canada (StatsCan) reported today (2/26/21) that prices for products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), rose 2.0% in January. This is the result of higher prices for lumber and other wood products, as well as energy and petroleum products.
University of Michigan Consumer Sentiment Ends February -2.8% below January’s Reading
The Index of Consumer Sentiment is at a reading of 76.8. This is below January’s reading of 79.0 (-2.8%) and down from February 2020 reading of 101.0 (-24.0%).
Federal Housing Finance Agency Extends Forbearance Period to 18-Months
The Federal Housing Finance Agency (FHFA) on Thursday (2/25/21), announced that borrowers with mortgages backed by Fannie Mae and Freddie Mac may be eligible for an additional forbearance extension of up to six months. On February 9th, the FHFA extended forbearance plans an additional three months beyond their initial 12-month expiration.
Real GDP Increases 4.1% in Q4 2020 in Bureau of Economic Analysis “Second” Estimate
According to the “second” estimate released by the Bureau of Economic Analysis (BEA), real gross domestic product (GDP) increased at an annual rate of 4.1% in Q4 of 2020.
30-Year Mortgage Rate Increases to 2.97% in the Week Ending February 25, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending February 25th, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.97% with an average 0.6 point, up from last week when it averaged 2.81%.
Weekly Jobless Claims Decline in the Week Ending February 20, 2021
The U.S. Department of Labor is reporting that an additional 730,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, February 20th, 2021. This is a decrease of 111,000 from the previous week’s revised level.
Pending Homes Decline -2.8% in January, but Year-Over-Year are up 13.0%
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 -2.8% in January to a reading of 122.8.
Mortgage Applications Decline 11.4% in Week Ending February 19, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending February 19th, 2021, the Market Composite Index , a measure of mortgage loan application volume, decreased -11.4% on a seasonally adjusted basis from one week earlier.
New Residential Single Family Home Sales Up 4.3% from December 2020 and Up Year-Over-Year 19.3%
The U.S. Census Bureau is reporting that according to their estimates new residential single-family home sales for January 2021 were at a seasonally adjusted annual rate (SAAR) of 923,000. This is 4.3% above the revised December rate of 885,000, and is 19.3% above the January 2020 estimate.