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.
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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.
The Share of Mortgage Loans in Forbearance Drops to 5.83% in Weekending October 25th, 2020
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports the total number of loans now in forbearance decreased by 7 basis points from 5.90% of servicers’ portfolio volume in the prior week to 5.83% as of October 25, 2020.
October Job Layoffs Down 32% from September
According to the monthly report released today (11/5) from Challenger, Gray and Christmas Inc., a global outplacement and business and executive coaching firm, October layoffs were the lowest in seven months, as U.S. based employers announced plans to cut 80,666 from their payrolls.
Weekly Jobless Claims Decline in the Week Ending October 31st, 2020
The U.S. Department of Labor is reporting that an additional 751,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, October 31st. A decrease of 7,000 from the previous week’s revised level.