Tag Archive for ‘coronavirus’

Closed-Ended Credit Surged in February

The Federal Reserve’s latest G.19 Consumer Credit Report shows rising trends in consumer credit, excluding loans secured by real estate, through February 2020. In February, consumer credit increased at a seasonally adjusted annual rate of 6.4% from the previous month, with revolving debt1 increasing by 4.6% and nonrevolving debt2 increasing by 7 percent. Consumer credit totaled $4.2 trillion on a… Read More ›

Week 2 Poll Shows Impacts of Virus on the Rise

The second week of NAHB’s online poll showed that several of the coronavirus’s impacts on the residential construction industry have become more widespread and severe.  Once again, traffic ranked as the most widespread problem, with 93 percent of respondents saying the coronavirus has had an adverse impact on traffic of prospective buyers. This result is based on 318 responses collected… Read More ›

Uncertainty Looms in the Mortgage Market

The Mortgage Bankers Association’s latest Weekly Application Survey shows a 15.3% seasonally adjusted rise in loan application volume from the previous week. The Refinance index increased 25.5% from the previous week and was 168% higher than it was the same week one year ago. The Purchase Index decreased 10.8% from one week earlier. The MBA notes that buyer and seller… Read More ›

Jobless Claims Soar Amid the COVID-19 Outbreak

The U.S. Department of Labor released Unemployment Insurance Weekly Claims Report this morning. Surprising but expected, the weekly initial claims on unemployment insurance surged in the week ending March 21 due to the impact of the COVID-19 crisis. In the week ending March 21, the number of people who applied for unemployment benefits, known as jobless claims, soared to a… Read More ›

Survey: Builders Say Coronavirus Hurting Traffic

In a survey conducted by NAHB online in recent days, 81 percent of respondents said the coronavirus has had an adverse effect on traffic of prospective buyers.  The survey, which was publicized in various internal NAHB communications and social media, collected 308 responses between March 18 and March 23.  The largest share of responses (51 percent) came from single-family home… Read More ›