News in end use

Construction Spending Increased in November

The National Association of Realtors® (NAR) has reported their Pending Homes Sales Index (PHSI), which is based month-over-month contract activity, that is signed real estate contracts, not actual closings, for existing single-family homes, condos, and co-ops, declined for the third straight month in a row, declining -2.6% in November to a reading of 125.7.

According to Black Knight, one of the premier providers of integrated technology, data and analytics solutions for lenders and financial businesses, the number of mortgages in active forbearance rose by 20,000 in the week ending on Thursday, December 24th.

According to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index report, which covers all nine U.S. Census divisions, home prices on an annual basis gained 8.4% in October, up from a 7.0% increase in September.

Home affordability continues to suffer from rising home prices, soaring demand and tight supply.

Freddie Mac’s Primary Mortgage Market Survey hits record lows.

The U.S. Census Bureau and the Department of Housing and Urban Development are jointly reporting that the sales of new single-family houses in November 2020 were at a seasonally adjusted annual rate of 841,000. This is -11.0% below the revised October rate of 945,000 but is 20.8% above the November 2019 estimate of 696,000.

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending December 18th, 2020, The Market Composite Index, a measure of mortgage loan application volume, increased 0.8% on a seasonally adjusted basis from one week earlier.

The Bureau of Economic Analysis (BEA) is reporting that according to their estimates personal income decreased by $221.8 billion or 1.1% in November. Disposable personal income (DPI) decreased $218.0 billion or 1.2% and personal consumption expenditures (PCE) decreased $63.3 billion or 0.4%.