Dealers reported another week of steady to sneaky strong sales. Dealers are very encouraged by the uptick in May’s Housing Starts and Permits.
News in end use
42% of COVID-19 Pandemic Home Buyers Ended Up in a Bidding War
According to a new study conducted by Clever, 42% of homeowners who made a purchase during the time period of January and May this year have ended up in a bidding war.
Weekly Jobless Claims Decline Modestly for Week Ending June 13th
The U.S. Department of Labor is reporting that an additional 1.508 million Americans made their initial filing for unemployment benefits during the week ending on Saturday June 13th.
Mortgage Rates Drop to a New Record Low
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending June 18th, 2020.
HUD Extends Foreclosure and Eviction Moratorium Through August 31st 2020
The HUD announced on Wednesday (6/17) that the Federal Housing Administration is providing a two-month extension of its foreclosure and eviction moratorium through August 31st, 2020.
May Housing Starts & Strong Building Permits Point to Better Building Times Ahead
The U.S. Census Bureau is reporting that Privately-owned housing starts in May were at a seasonally adjusted annual rate of 974,000.
Mortgage Applications Increase in Week Ending June 12th 2020
According to data from the MBA Weekly Mortgage Application Survey, for the week ending June 12th, 2020, the Market Composite Index, increased 8.0% on a seasonally adjusted basis from one week earlier.
Fannie Mae’s Latest Forecast Anticipates Record Breaking Low Mortgage Rates to Decline Further
According to the latest Fannie Mae forecast, which was released on Monday June 15th, the lowest mortgage rates on record are about to be moving even lower.
Canadian Consumer Confidences Rises for Seventh Week in a Row
The Bloomberg Nanos Canadian Confidence Index is reporting that Canadians confidence in their economy rose for the seventh week in a row to 42.86 last week.
Existing Home Sales in Canada Surge in May
Existing Canadian home sales rose 56.9% month on month in May. This as they recover from their weakest levels on record in April, the result of the COVID-19 pandemic and shelter in place restrictions.