A NAHB analysis of FDIC data shows the volume of total outstanding AD&C loans during Q2 posted the largest year-over-year percentage decline since 2012.
News in end use
US Builder Confidence Trends Higher in October
The NAHB/Wells Fargo Housing Market Index rose 2 points in October, the second consecutive increase.
Fannie Mae Economic and Strategic Research Group Releases Revised Economic Outlook
According to the ESR Group, the economy now appears to be on firmer footing than previously thought.
Investment in Canadian Building Construction Increases in August
Investment in building construction edged 0.2% higher in August, following a 1.6% decrease in July. Year-over-year, investment grew 7.2%.
US Mortgage Rates Climb for Third Consecutive Week
The 30-year fixed-rate mortgage averaged 6.44%, up from last week when it averaged 6.32%, Freddie Mac reported.
Mortgage Applications for New-Home Purchases Decrease 6.0% in September
Mortgage applications for new-home purchases decreased 6.0% in September but remained 10.8% higher year-over-year, MBA reported.
US Weekly Initial Jobless Claims Decline in the Week Ending October 12th
The advance figure for seasonally adjusted initial unemployment claims was 241,000, a decrease of 19,000 from the previous week’s revised level.
Canadian Housing Starts Rise 5% in September
The Canada Mortgage and Housing Corporation reported that the annual pace of housing starts in Canada was up 5% in September.
Canadian Real Estate Association Updates Home Sales Forecasts
CREA said that the expected pace of interest rate cuts has changed dramatically since it published its summer forecast.
Mortgage Applications Fall in the Week Ending October 11th—Third Consecutive Decline
Mortgage loan application volume decreased 17.0% on a seasonally adjusted basis from one week earlier, MBA reported.