As Americans struggled to pay their bills in May, the result of the ongoing COVID-19 pandemic, U.S. mortgage delinquency rates rose to 7.76%.
News in end use
New Home Sales Soar Higher in May
The U.S. Census Bureau is reporting that sales of new single-family houses in May 2020 were at a seasonally adjusted annual rate of 676,000.
Construction Sector Jobs Increased in May
According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment in May increased in 49 out of 50 states and the District of Columbia.
Year-Over-Year Housing Inventory is 17.1% Below Last Year’s Level
According to the latest report released by Zillow, year-over-year housing inventory is now -17.1% below last year’s levels and there were -3.8% fewer new listings from the week before.
Bank of Canada Prepared to Support the Canadian Economic Recovery with Low Interest Rates
Tim Macklem, said that the bank remains focused on using its policy tools, including low interest, to support the recovery of the Canadian economy from the COVID-19 pandemic.
Existing Home Sales Fall -9.7% in May
The National Association of Realtors® is reporting that total existing-home sales slumped -9.7% from April to a seasonally-adjusted annual rate of 3.91 million in May.
Meyers Research is Reporting a Significant Increase in the May Housing Market
The recently released Meyers Research, New Home Pending Sales Index (PSI) for May 2020, reports that pending homes sales decreased year-over-year but rose month-over-month across the U.S.
When it Comes to Home Renovation Projects Baby Boomers are Leading the Way
According to the results of the ninth annual Houzz & Home Survey of more than 87,000 U.S. respondents, Baby Boomers (born between 1946 – 1964), accounted for more than half of homeowners renovating their homes in 2019.
Federal Reserve Releases Results on the Economic Well-Being of U.S. Households
According to the recently released Federal Reserve Board Report on the Economic Well-Being of U.S. Households, 76% of adults surveyed in the U.S. reported ‘doing okay’ or living comfortably financially’, which was unchanged from 2018.
FEA’s Weekly Orders Survey Shows Dealers Encouraged by the Uptick in May Housing Starts and Permits and June’s Builders Confidence Reports
Dealers reported another week of steady to sneaky strong sales. Dealers are very encouraged by the uptick in May’s Housing Starts and Permits.