According to a report from Redfin CEO Glenn Kelman, demand for houses continues to skyrocket. Seasonally adjusted demand for houses during the week ending Sunday, June 7th was 25% above pandemic levels.
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Statewide Hurdles Limit Builders Ability to Lead U.S. Economy Beyond COVID-19 Setback
The mood in the homebuilding industry has changed dramatically since April’s National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index reported a 42-point decline in builder confidence.
Fewer Homes For Sale is Creating Fierce Competition Between Buyers
The housing market is quickly recovering from the ‘shelter in place’ orders brought about by the efforts to reduce the spread of the coronavirus.
Federal Housing Agency Director Reports to U.S. Senators that Mortgage Forbearance Rate is Manageable
In testimony before the Senate Banking Committee on Tuesday June 9th, Mark Calabria, the director of the Federal Housing Agency, said that forbearance rates for the GSEs, have plateaued at ~6.6%, which he told senators was ‘manageable’.
Homebuilding and Residential Real Estate Will Recover Faster Than Other Sectors of the Economy
The May 2020 LegalShield Law Index, which is a suite of leading indicators of the economic and financial status of U.S. households and small businesses is reporting its Housing Activity Index (HAI) reached an all-time high in May.
FEA’s Weekly Orders Survey shows Uptick in Sales Activity
After a quiet start to June, dealers are reporting an uptick in this week’s sales activity. As new projects start up, some dealers are reporting experiencing a 6% – 10% improvement over last week.
Cost of Residential Construction Materials Increase in May
According to the latest Bureau of Labor Statistics (BLS) Producer Price Index (PPI) report, not seasonally adjusted prices for goods used in residential construction increased 0.6% in May.
Mortgage Rates Tick Up Slightly for Week Ending June 11th
The Primary Mortgage Market Survey for the week ending June 11th, 2020, shows that 30-year fixed-mortgage rate averaged 3.21% with an average 0.9 point, up slightly from last week when it averaged 3.18%.
Weekly Jobless Claims Rise Another 1.542 Million for Week Ending June 6th
The U.S. Department of Labor is reporting that an additional 1.542 million Americans made their initial filing for unemployment benefits during the week ending on Saturday June 6th.
Fed Foresees Holding Interest Rates Near Zero Through 2022
The Federal Reserve concluded its 2-day Federal Open Market Committee meeting on Wednesday June 6th and at its conclusion announced that it will hold interest rates near zero.