The Mortgage Bankers Association (MBA) reported on Tuesday that according to its Purchase Applications Payment Index (PAPI), homebuyer affordability continued its downward trend in October, as the national median payment applied for by applicants increased 3.7% to $2,012 from $1941 in September.
Wood Markets News
Shares of Mortgage Loans in Forbearance Edge Slightly Higher in October
According to the new monthly Mortgage Bankers Association (MBA) Loan Monitoring Survey, the total number of loans now in forbearance increased by 1 basis point, from 0.69% of servicers’ portfolio volume in the prior month to 0.70% as of October 31st. The MBA estimates that 350,000 homeowners are now in forbearance plans.
US Class 1 Freight Railroad Update: Final Two Unions Split on Labor Agreement
The two remaining unions representing US Class 1 Freight Railroad workers have completed their voting on the tentative labor agreement. The results were split, increasing the possibility of a rail strike that could start in early December.
Fannie Mae’s Economic and Strategic Research Group Expects US Economy to Enter and Exit a Modest Recession in 2023
According to the November 2022 commentary released today by Fannie Mae’s Economic and Strategic Research Group, after rebounding at a 2.6% annualized rate in 22Q3 on the strength of net exports, real GDP is project to turn negative again in Q4 as the temporary boost from international trade moderates.
Pending Home Sales Decline in October, While Deal Cancelations and Price Cuts Hit Record Highs
According to Redfin, pending home sales fell the most on record in October and deal cancellations and price cuts hit record highs. Redfin is reporting that pending sales dropped 32.1% year-over-year in October, the largest decline since at least 2013.
State-by-State Construction Sector Employment Data for October
A closer look at the nonfarm payroll employment on a state-by-state basis in October reveals that employment increased in 42 states and declined in 8 other states and DC. Nationwide nonfarm payroll increased by 261,000 jobs in October.
US Forest Service Receives $10 Billion in New Funding
While addressing the 7th annual workshop of the Montana Forest Collaboration (MFC) about forest conservation, recreation, and resource utilization, US National Forest Service Chief Randy Moore announced that $10 billion will soon help fund work in forests around the US.
Building Materials Prices Decline for Second Consecutive Month in October
A closer look at the Bureau of Labor Statistics October 2022 Producer Price Index (PPI) report reveals that the price of building materials declined 0.2% in October (not seasonally adjusted), following a 0.5% decline in September.
Building Materials Prices Decline for Second Consecutive Month in October
A closer look at the Bureau of Labor Statistics October 2022 Producer Price Index (PPI) report reveals that the price of building materials declined 0.2% in October (not seasonally adjusted), following a 0.5% decline in September.
Canada’s Industrial Product Price Index and Raw Materials Price Index Rise in October
Statistics Canada reported today the prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), rose 2.4% on a monthly basis in October and were 10.1% higher year-on-year.