Tag Archive for ‘COVID-19’

Refinancing Activity Surges

For the week ending October 2, 2020, the Mortgage Bankers Association’s Weekly Application Survey, showed a 4.6% increase in overall mortgage activity from the previous week on a seasonally adjusted basis, as seen in its Market Composite Index. The growth was driven primarily by the Refinancing Index, which shot up by 8.2% from the previous week, driven by a drop… Read More ›

Employment Growth Slows in September

Employment growth slowed in September. Total payroll employment rose by 661,000 and the unemployment rate fell to 7.9% for the month. The U.S. labor market continues to recover from the COVID-19 crisis, but admittedly now at a slower pace. Residential construction employment rose by 22,100 in September to 2.9 million as housing remains a bright spot. Total construction industry (both… Read More ›

Initial and Continuing Claims Fall

According to the Unemployment Insurance Weekly Claims Report released by the U.S. Department of Labor today, weekly initial jobless claims declined by 36,000 in the week ending September 26, and continuing claims, which lag initial jobless claims by one week, decreased by nearly 1 million to 11.8 million for the week ending September 19. The decreases in initial jobless claims… Read More ›

Continuing Claims Continue to Decrease

According to the Unemployment Insurance Weekly Claims Report released by the U.S. Department of Labor today, weekly initial jobless claims inched up during the week ending September 19, and continuing claims, which lag initial jobless claims by one week, decreased for the week ending September 12. The data indicate that labor market continues to recover from the COVID-19 pandemic, but… Read More ›

Home Values, Owners’ Equity Rise in 2Q20

As the novel coronavirus took hold in the second quarter, households’ market values continued to rise, per second quarter 2020 Federal Reserve Flow of Funds report. In the second quarter, the aggregate value of all household mortgages rose by $80 billion to $10.6 trillion, while the aggregate value of the households’ market values, i.e., that of all owner-occupied real estate… Read More ›

Multifamily Construction Gains for Lower-Density Markets

The Q2 2020 NAHB Home Building Geography Index (HBGI) reveals a notable multifamily construction shift to the suburbs/exurbs. This is similar to HBGI findings reported for single-family construction. A driver of this broader impact is COVID-19, which thus far has had larger impacts on higher density neighborhoods. These geographic changes will ultimately generate market share gains for smaller multifamily structures,… Read More ›

Consumer Prices Increase in August

Both the CPI and “core” CPI continued to increase in August, as food and energy prices increased slightly. The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose by 0.4% in August on a seasonally adjusted basis, slower than a 0.6% increase in July. Excluding the volatile food and energy components, “core” CPI rose by 0.4%… Read More ›

Weekly Jobless Claims Remain Unchanged

Weekly initial jobless claims remained unchanged for the week ending September 5, and continuing claims, which lag initial jobless claims by one week, increased by 93,000 for the week ending August 29.  This week’s data indicate a slow improvement in labor market that badly damaged by the COVID-19 pandemic. The U.S. Department of Labor released the Unemployment Insurance Weekly Claims… Read More ›

COVID-19 Pandemic Impact on Global Construction and Housing Sectors

Jack Rutherford served as an intern for the NAHB Economics Group during the summer of 2020. He authored the following post. COVID-19 Pandemic Impact on Global Construction and Housing Sectors The impact of COVID-19 on the home building industry is a key concern for most, if not all, countries. There are common vulnerabilities in the global home building industry that… Read More ›