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Mortgage applications decline
Mortgage applications decreased 3.3% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 12. The Market Composite Index, a measure of mortgage loan application volume, decreased 3.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index decreased 4% compared with the previous week. The Refinance Index remained unchanged from the previous week. The seasonally adjusted Purchase Index decreased 7% from one week earlier. The unadjusted Purchase Index decreased 10% compared with the previous week and was 5% lower than the same week one year ago. For more, click here...

November housing starts dip
U.S. housing starts were at a seasonally adjusted annual rate of 1.028 million units in November, 1.6% below the revised October estimate and 7.0% below the November 2013 rate, according to the Census Bureau and the Department of Housing and Urban Development. Single-family starts were at a rate of 677,000 units in November, 5.4% below the revised October figure. Housing units authorized by building permits in November were at a SAAR of 1.035 million units, 5.2% below the revised October figure and 0.2% below the November 2013 estimate. For more, click here...

Builder confidence dips in December
Following a 4-point uptick last month, builder confidence in the market for newly built single-family homes fell one point in December to a level of 57 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today. “Members in many markets across the country have seen their businesses improve over the course of the year, and we expect builders to remain confident in 2015,” said NAHB Chairman Kevin Kelly, a home builder and developer from Wilmington, Del. For more, click here...

Canada's New Housing Price Index edges upward
Canada's New Housing Price Index rose 0.1% in October, following an identical increase in September, according to Statistics Canada. The Vancouver area was the top contributor to the October growth, with prices up 0.4% over the previous month. Builders cited higher material costs and market conditions as the primary reasons for the increase, the largest in that metro area since April 2010. For more, click here...

NAHB applauds new down payment rules
Kevin Kelly, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Wilmington, Del., today issued the following statement regarding announcements by Fannie Mae and Freddie Mac of programs to purchase mortgages with down payments of as little as 3%: “NAHB commends Fannie Mae and Freddie Mac for instituting new loan guidelines that will allow creditworthy borrowers to obtain mortgages with a down payment of 3%. One of the biggest obstacles to achieving homeownership is the ability to come up with a down payment. By reducing upfront cash requirements while establishing tough but fair underwriting guidelines that include a number of safeguards, Fannie and Freddie will open the door to homeownership for more American families, particularly first-time home buyers and younger households.” For more, click here...

Canada's housing starts trending sideways
The trend measure of housing starts in Canada was 195,792 units in November compared to 195,796 in October, according to Canada Mortgage and Housing Corp. The trend is a six-month moving average of the monthly seasonally adjusted annual rates of housing starts. The stand-alone monthly SAAR in November was 195,620 units, up from 183,659 in October. For more, click here...

Canadian building permits edge higher
The total value of building permits in Canada was $C7.5 billion in October, edging up 0.7% from September, according to Statistics Canada. The increase came mainly from higher construction intentions in British Columbia, Alberta, and Saskatchewan. For more, click here...

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Wednesday, December 17, 2014


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