According to the latestMBA Forbearance and Call volume survey, the total number of loans now in forbearance decreased from 8.55% of servicers’ portfolio volume in the prior week to 8.48% as of June 14, 2020.
News in end use
Mortgage Applications Slide Lower in Week Ending June 19th 2020
According to data from the MBA Weekly Mortgage Application Survey, for the week ending June 19th, 2020, the Market Composite Index decreased -8.7% on a seasonally adjusted basis from one week earlier.
U.S. Home Prices Increase 0.2% in April 2020
The Federal Housing Finance Agency (FHFA), Home Price Index (HPI) reports that U.S. house prices rose in April, 0.2% from the previous month.
Canadian Confidence Index Continues to Rise
The Bloomberg Nanos Canadian Confidence Index, a weekly composite measure of financial health and economic expectations, jumped to 45.4 last week from 42.9 a week earlier.
U.S. Mortgage Delinquency Rates Jump in May
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%.
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.