The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports the total number of loans now in forbearance decreased by 16 basis points from 5.83% of servicers’ portfolio volume in the prior week to 5.67% as of November 1, 2020.
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Job Opening and Labor Turnover Survey (JOLTS) for September 2020
The Bureau of Labor Statistics (BLS) has posted its Job Opening and Labor Turnover Survey (JOLTS) for September 2020. According to the JOLTS report the number of job openings was little changed from August at 6.4 million, which is a rate of 4.3%, as of the last business day of September.
Federal Reserve G.19 Consumer Credit Report Reveals an Uptick in Consumer Optimism
According to the latest G.19 Consumer Credit Report, from the Federal Reserve, which includes all loans not secured by real estate, in the third quarter of 2020, consumer credit increased at a seasonally adjusted annual rate (SAAR) of 2¼%, while none revolving credit increased by 4% and revolving credit declined by 2½%.
Year-Over-Year, Commercial and Multifamily Mortgage Loans Decline -34%
The Mortgage Bankers Association (MBA) is projecting that commercial and multifamily loans, which are backed by income producing property, will be close to $ 395 billion in 2020. If that projection holds true, it will represent a -34% decline from 2019’s record volume of $601 billion.
Survey Shows Construction Workers Wages Outpaces National Median Average
The Bureau of Labor Statistics Occupational Employment Statistics (OES) Survey for 2019, with analysis provided by the National Association of Home Builders (NAHB), reveals that half of payroll workers in the construction trades earned more than $49,030 per year and the top 25% make at minimum $68.690.
Residential Construction Employment Continued to Grow in October
A closer look at the Bureau of Labor Statistics October’s Employment Situation Report focusing on construction employment reveals that October’s residential construction employment, was 11,500 higher than October 2019.
Job Growth Slows to +0.5% in Canada in October
According to Stats Canada the pace of job growth slowed in October as the economy added close to 84,000 (+0.5%) jobs in October compared with 378,000 in September. Self-employment increased for the first time (+1.2%; +33,000) for the first time since the onset of the COVID-19 pandemic.
Housing Affordability Continued its Decline in Q3 2020
According to the National Association of Home Builders (NAHB) / Wells Fargo Housing Opportunity Index (HOI) in Q3 of 2020, housing affordability continued to decline in spite of record low mortgage rates, which were offset by rising home prices and lack of available homes for sale.
October’s Nonfarm Payroll Employment Moves Higher for Sixth Consecutive Month
The U.S. Bureau of Labor Statistics (BLS) is reporting that total nonfarm payroll employment rose for the sixth consecutive month in October by 638,000.
Respondents to FEA’s Weekly Order Survey Reported Experiencing Limited Follow Through from Last Week’s Modest Uptick in Jobsite Sales Activity
Respondents to FEA’s Weekly Order Survey reported experiencing limited follow through from last week’s modest uptick in jobsite sales activity. Dealers in the southern tier of states reported greater activity than their counterparts in the north, which is typical for this time of the year.