The Federal Housing Finance Agency (FHFA), Home Price Index (HPI) reports that U.S. house prices decline in May by -0.3% from the previous month. Year-over-year, house prices are 4.9% higher, (May 2019 to May 2020).
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Mortgage Applications Trend Higher in Week Ending July 17th 2020
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending 17th July 2020, the Market Composite Index, a measure of mortgage loan application volume, increased 4.1% on a seasonally adjusted basis from one week earlier.
Mortgage Loans in Forbearance Decrease for Fifth Week in a Row
The Mortgage Bankers Association’s (MBA) Forbearance and Call Volume Survey for July 20th, reports that the total number of loans now in forbearance decreased by 38-basis points from 8.18% of servicers’ portfolio volume in the prior week to 7.80% as of July 12th, 2020.
American’s Considering Purchasing a Home Not Dissuaded by COVID-19 Pandemic
The latest National Association of Home Builders (NAHB) Housing Trends Report (HTR) reveals that number of Americans who said they are considering the purchase of a home in the next 12 months was 11% in second quarter of 2020.
Canadian Home Prices Increase Just as Market Begins to Slow
According to the Teranet-National Bank Composite Home Price Index (CHPI) which tracks data collected from public land registries to measure changes for repeat sales of single-family homes, Canadian home prices were up 0.7% in June when compared to May.
Construction costs fall as material prices continue to rise – The Architect’s Newspaper
Even as construction jobsites reopen and workers return, the ongoing COVID-19 pandemic is continuing to negatively impact the architectural and construction markets.
Home Buyer Sentiment Fluctuates with Surge in COVID-19 Pandemic
U.S. homebuilding increased in June 2020, by the most in nearly four years. Accelerated by rising demand for housing in suburbs and rural areas. The result, of employers allowing employees to work from home, rather than come to the office during the COVID-19 pandemic.
University of Michigan Consumer Sentiment Index Retreats in July to Near April Low Level
The University of Michigan on Friday 7/17 reported the results of their July Consumer Sentiment Index. The Index has suddenly reversed retreating from the promising June level of 78.1 to 73.2, “due to the widespread resurgence of the coronavirus.”
Redfin is Reporting that Year-Over-Year U.S. National Median Home Price at All-Time High
Redfin, the technology-powered real estate brokerage, has reported the national median home price year-over-year in June rose 2.8%, to an all-time high of $311,300.
Bank of Canada Governor’s Low Interest Rates Promise Could Create a Wave of Speculative Home Buying
Bank of Canada Governor Tiff Macklem went on the offensive offering reassurance that interest rate in Canada will remain low for at least the next 2-years.