Wood Markets News


Weekly Jobless Claims Inch Lower in the Week Ending June 11, 2022

The U.S. Department of Labor is reporting that an additional 229,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday, June 11, 2022. This is a decline of 3,000 from the previous week’s revised level. The 4-week moving average was 218,500.

Canadian Housing Starts Trend Lower in May 2022

According to the Canada Mortgage and Housing Corporation, the trend in housing starts in May were at 254,727 units, down from April’s reported 257,833 units. The trend measure is a six-month average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

Mortgage Applications Jump 6.6% in the Week Ending June 10, 2022

According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending June 10, 2022, the Market Composite Index (a measure of mortgage loan application volume) increased 6.6% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 17.0%.

Builder Confidence Slips for Sixth Consecutive Month in June 2022

The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) reported on Wednesday that builder sentiment in the market for newly built single-family homes fell 2 points lower in June to a reading of 67. This is the sixth consecutive month that builder sentiment has declined, and it is at its lowest level since June 2020.

Mortgage Delinquency Rates Declined Further in March 2022

According to CoreLogic’s latest loan performance report, which was released on Tuesday, approximately 2.7% of all mortgages in the U.S. were delinquent in March—a new historic low for the report. Year-over-year, it is a decline of -2.2% from the 4.9% posted in March of 2021. All 50 states posted annual declines.

Realtor.com Updates its 2022 Home Buying Forecast

Realtor.com has updated its 2022 home buying forecast to better account for rising inflation and mortgage rates. The update predicts that home inventory will grow double-digits above 2021, which in turn will offer buyers a better-than-expected chance of finding a home. The forecast anticipates a summer break from the intense pace of home sales.