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  • Fri, May 21 2021
  • 3:00 PM » Homebuilder Comments in Mid-May: "Reducing Sales, Limiting Sales"
    Published Fri, May 21 2021 3:00 PM by Calculated Risk Blog
    Some twitter comments from Rick Palacios Jr. , Director of Research at John Burns Real Estate Consulting Here's May mid-month home builder channel check I hinted at earlier. Builders are pushing prices w/little pushback, though some starting. Some builders are using price escalators & highest/best offer. Many limiting pre-sales, shifting to spec, & pricing home later in build cycle. #Dallas builder: "Not selling build jobs in May, starting specs only, and not selling until drywall. Costs are too out of control for us to take the inflation risk on build jobs. So sales are way down." #SanAntonio builder: "Only selling specs at Sheetrock stage. Last month, it was frame stage." #Austin builder: "Stopped sales until we pour a foundation. Lumber too erratic to sell prior. I know others have gone to a bid process. I have heard all parties, including that people who win the bid, feel like they have lost." #LasVegas builder: "Reducing sales releases in attempt to moderate the impact of labor & material shortages. Homes are priced once a Truss delivery date is confirmed which triggers the lumber lock pricing. We are also considering online auctions, but appraisals are a concern." #Denver builder: "Limiting sales at all communities and gapping out on lots. Material availability is becoming more concerning." #Phoenix builder: "Metering sales. Could be higher if we released more, but construction can't keep up & trades are raising costs post start of home, so we are delaying sales releases even further. Delaying release of to-be-built homes & selling only specs deeper in the cycle." #SaltLakeCity builder: "Very, very careful with home releases, generally 2 - 4 permits pulled for each subdivision each month. Those homes are not released for sale until the homes are 60-80 days into the construction schedule." #Charlotte builder: "No pre-sales as of now. Starting specs and will price...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 2:42 PM » BLS: April Unemployment rates down in 12 States
    Published Fri, May 21 2021 2:42 PM by Calculated Risk Blog
    From the BLS: Regional and State Employment and Unemployment Summary Unemployment rates were lower in April in 12 states and the District of Columbia and stable in 38 states, the U.S. Bureau of Labor Statistics reported today. Forty-eight states and the District had jobless rate decreases from a year earlier and two states had little change. The national unemployment rate, 6.1 percent, was little changed over the month, but was 8.7 percentage points lower than in April 2020. Nonfarm payroll employment increased in 9 states and the District of Columbia, decreased in 2 states, and was essentially unchanged in 39 states in April 2021. Over the year, nonfarm payroll employment increased in all states and the District. ... Hawaii had the highest unemployment rate in April, 8.5 percent, followed by California, 8.3 percent, and New Mexico and New York, 8.2 percent each. Nebraska, New Hampshire, South Dakota, and Utah had the lowest rates, 2.8 percent each. Hawaii has been impacted by lower levels of tourism.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 1:17 PM » Fed's Bostic: Worried about inflation getting entrenched
    Published Fri, May 21 2021 1:17 PM by www.fxstreet.com
    Fed's Bostic: Worried about inflation getting entrenched
    Click Here to Read the Full Article

    Source: www.fxstreet.com
  • 1:16 PM » Fed's Barkin: We'll taper when we get to substantial further progress
    Published Fri, May 21 2021 1:16 PM by www.fxstreet.com
    Fed's Barkin: We'll taper when we get to substantial further progress
    Click Here to Read the Full Article

    Source: www.fxstreet.com
  • 1:15 PM » Fed's Harker says important to talk about tapering sooner rather than later
    Published Fri, May 21 2021 1:15 PM by Reuters
    Fed's Harker says important to talk about tapering sooner rather than later
  • 12:57 PM » U.S. manufacturing accelerates; tight supply pushes home sales to 10-month low
    Published Fri, May 21 2021 12:57 PM by Reuters
    U.S. factory activity gathered speed in early May amid strong domestic demand, but backlogs of uncompleted work are piling up as manufacturers struggle to find raw materials and labor, boosting costs for both businesses and consumers.
  • 11:03 AM » U.S. existing home sales extend decline; house prices race to record high
    Published Fri, May 21 2021 11:03 AM by Reuters
    U.S. home sales fell for a third straight month in April as an acute shortage of properties drove prices to a record high.
  • 9:54 AM » Most homeowners have exited mortgage forbearance programs—but those who are left are the most vulnerable
    Published Fri, May 21 2021 9:54 AM by CNBC
    About two-thirds of homeowners who signed up for some type of mortgage forbearance during the Covid-19 pandemic have exited the program as of March 2021.
  • 8:48 AM » Housing Market Update: Half of Homes Are Now Selling Above List Price
    Published Fri, May 21 2021 8:48 AM by www.redfin.com
    Homebuying demand may have peaked for 2021 as pending sales and mortgage purchase applications have both pulled back in recent weeks.
    Click Here to Read the Full Article

    Source: www.redfin.com
  • 8:04 AM » Treasury yields drift lower with focus on economic data
    Published Fri, May 21 2021 8:04 AM by CNBC
    Treasury yields drifted lower early on Friday, with Markit's May purchasing managers' index due out later in the morning.
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Mortgage Rates:
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  • 15 Yr FRM 2.41%
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  • Jumbo 30 Year Fixed 3.06%
MBS Prices:
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  • 30YR FNMA 5.0 109-25 (0-00)
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Recent Housing Data:
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  • Purchase Index 1.82%