The Home Building Geography Index (HBGI) developed by the National Association of Home Builders (NAHB) reported that while the pandemic had an extensive impact on many businesses, housing has been able to weather the economic storm, rebounding quickly from its April slump.
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Residential Construction Loan Volumes Decreased in Q2 2020
The volume of residential construction lending posted a slight decline during Q2 2020. The decline is in step with a significant drop for the NAHB/Wells Fargo Housing Market Index and a 24% drop in single-family starts during the quarter.
Mortgage Applications Rate Declines for Third Week in a Row
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending August 28th, 2020, the Market Composite Index decreased -2.0% on a seasonally adjusted basis from one week earlier.
Consumer Confidence in Canada Shows Signs of Slowing
According to the Bloomberg Nanos Canadian Confidence Index (CCI), Canada’s quick initial rebound in consumer confidence is showing signs of slowing, the most recent indicator to suggest there is a long road ahead for a full economic recovery from the pandemic.
Construction Spending Up Fractionally in July but Up 4% Year-Over-Year July 2019 to July 2020
The U.S. Census Bureau has announced that construction spending during July 2020 was estimated at a seasonally adjusted annual rate of $1,364.6 billion, 0.1% above the revised June estimate of $1,362.8 billion.
Mortgage Loans in Forbearance Remain Unchanged at 7.20% for Week Ending 8-23-2020
The Mortgage Bankers Association (MBA) is reporting the results of their latest Forbearance and Call Volume Survey for the week ending August 23rd. The survey is reporting that the total number of loans now in forbearance remained unchanged relative to the prior week at 7.20% as of August 23, 2020.
Mortgage Loans in Forbearance Decline for the Tenth Week in a Row
The Mortgage Bankers Association (MBA) is reporting the results of their latest Forbearance and Call Volume Survey for the week ending August 16th.
Federal Housing Finance Agency Announces Extension of Moratorium on Foreclosure and Eviction of Borrowers with Fannie Mae and Freddie Mac Backed Loans Until December 31st
The Federal Housing Finance Agency(FHFA) has extended its moratorium on foreclosures and evictions for borrowers with mortgages backed by Fannie Mae and Freddie Mac from the previously announced date of August 31st to December 31st.
As Canadian Government Pandemic Relief Winds Down, Bankers Prepare for Potential Issues
Canadian bank executives are preparing for what is shaping up to be a long and bumpy recovery from the COVID-19 pandemic, which has pushed the Canadian economy into a recession.
U.S. Consumer Spending Increases 1.9% in July
The U.S. Commerce Department is reporting that for the third month in a row U.S. consumer increased their spending.