News in end use

The U.S. Department of Labor is reporting that an additional 2.981 million Americans made their initial filing for unemployment benefits during the week ending on Saturday May 9th.

Amidst all the gloom and doom there was some positive news regarding housing’s share of the GDP, which increased to 14.9% in the first quarter.

For the week ending May 8th, 2020, the Market Composite Index, a measure of mortgage loan application volume, increased 0.3% on a seasonally adjusted basis from one week earlier.

According to the NAHB consumer preference study, which was last conducted in 2018, a majority of prospective buyers back then indicated that they wanted a home office, followed by a dedicated exercise space and large family specialty area such as media or game room.

According to an updated 2020 forecast from realtor.com, the rebound in the U.S. housing market will neither look like a “V” or a “U” but rather more like a “W”.

The National Federation of Independent Business Optimism Index fell 8.1 points in March, to a reading of 96.4.

Current mortgage rates make buying a home, especially for a millennial (24 – 38-years old), a much more attractive option than continuing to pay the landlord. But then again, perhaps not.