According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending October 16th, 2020, The Market Composite Index, a measure of mortgage loan application volume, decreased -0.6% on a seasonally adjusted basis from one week earlier.
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The Share of Mortgage Loans in Forbearance Drops to 5.92% in Weekending October 11th, 2020
According to the Mortgage Bankers Association’s (MBA) latest Forbearance and Call Volume Survey, the total number of loans now in forbearance has decreased by 40 basis points from 6.32% of servicers’ portfolio volume in the prior week, to 5.92% in the week ending October 11th, 2020.
September 2020 Housing Starts & Permits Reported Higher
The U.S. Census Bureau has reported that privately‐owned housing starts in September were at a seasonally adjusted annual rate (SAAR) of 1,415,000. This is 1.9% above the revised August estimate of 1,388,000 and is 11.1% above the September 2019 rate.
Builder Confidence Sets New Record High in October
National Association of Home Builders (NAHB) /Wells Fargo Housing Market Index (HMI) indicates that builder confidence in the market for newly-built single-family homes advanced 2-points in October, to a new all-time high reading of 85.
Lot Values Decline for the First Time Since 2013
Analysis of the U.S. Census Bureau’s Survey of Construction (SOC) data, by the NAHB, reveals that the median single-family lot price declined in 2019, ending a climb that started in 2013. The median lot prices were $ 45,000, which is a drop of 9% since 2018, when half of the lots were selling at $49,500.
Building Material Sales Increase in September
According to the latest U.S. Census Bureau monthly tally, retail sales increased their rate of growth in September. The bureau estimated September sales for building material & garden equipment and supplies dealers (NAICS 444) at $38,204,000,000.
FEA’s Weekly Order Survey Participants Outlook is Little Changed from Last Week
Dealers responding to FEA’s Weekly Order Survey continue to report their sales to builders as slow but steady. The morning chill in the air has builders working diligently to get projects under roof and ready for interior work.
Sales of Newly Built Single-Family Homes Outpacing Construction
The National Association of Home Builders is reporting that after a sharp decline in the spring, home building has experienced a remarkable resurgence.
Home Affordability Declines During COVID-19 Pandemic
The National Association of Realtors® (NAR) is reporting that since the start of the COVID-19 pandemic, the ability to afford purchasing a home has steadily declined.
Remodelers Confidence Soars in Q3
The National Association of Home Builders (NAHB) has released their Remodeling Market Index (RMI) for Q3 2020. The reading of 82 in the third quarter, indicates remodelers’ strong confidence in their markets.