The results of the latest National Association of Home Builders financing for Acquisition, Development and Construction (AD&C) survey reveals that credit continued to tighten in the second quarter of 2020.
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Weekly Jobless Claims Dips Below One Million Claims for the Week Ending August 8th, 2020
The U.S. Department of Labor is reporting that an additional 963,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday August 8th.
Mortgage Loans in Forbearance Decrease for Eighth Week in a Row
The Mortgage Bankers Association’s (MBA) Forbearance and Call Volume Survey for August 10th, revealed that the total number of loans now in forbearance decreased by 23 basis points from 7.67% of servicers’ portfolio volume in the prior week to 7.44% as of August 2, 2020.
Multifamily/Commercial Borrowing Declines -48% in Second Quarter of 2020
According to the Mortgage Bankers Association year-over-year commercial and multifamily mortgage loan originations were -48% lower in the second quarter of 2020. A decline of -31% from the first quarter of 2020.
Mortgage Rates Inch Higher in the Week Ending 13th August 2020
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending August 13th, 2020. The PMMS shows that 30-year fixed-mortgage rate averaged 2.96% with an average 0.8 point up from last week when it averaged 2.88%.
Producer Price Index for Final Demand Increases in July
The U.S. Bureau of Labor Statistics (BLS) is reporting that the Producer Price Index (PPI) for final demand increased to a seasonally adjusted 0.6% in July.
A Lack of Available Inventory Continues to Challenge Home Sales
According to Zillow, a Seattle Washington based online real estate database company, in their latest Zillow’s Weekly Market Report (ZWMR), pending home sales remain well above last year’s levels.
Construction Activity Accelerated in July in the United Kingdom
Construction activity in the United Kingdom in July accelerated, led by another strong showing in housebuilding. New orders increased for the second month in a row, as lockdown measures eased, and jobsite activity was able to restart.
Canadian Consumer Confidence on the Rise
According to the Bloomberg Nanos Canadian Confidence Index, (BNCCI), a composite that measure the financial health and economic expectations, consumer sentiment in Canada turned positive for the first time since the COVID-19 pandemic began, with wide spread gains being experienced across regions and age groups.
Higher Lumber Prices Could Slow Housing Growth
Since mid-April 2020, the average lumber prices have surged an amazing 80%. Moving from a low of $348 per thousand board feet (MBM) to $ 627 MBM as of July 31st.