The National Association of Home Builders is reporting this week that single-family production in the U.S. showed signs of a gradual upturn in March 2023 as stabilizing mortgage rates and limited existing inventory helped to offset stubbornly high construction costs, building labor shortages and tightening credit conditions.
After falling for five straight weeks, U.S. mortgage rates jumped last week, triggering a decline in U.S. mortgage demand. Total mortgage application volume fell 7.7% last week.
The National Association of Home Builders reported this past week that rising U.S. mortgage rates reaching 7% along with declining builder sentiment stemming from stubbornly high construction costs and weakening consumer demand pushed new-home sales down at a double-digit rate in September 2022.
Based on ATTOM's August 2022 U.S. Foreclosure Market Report, there were a total of 34,501 U.S. properties with foreclosure filings -- default notices, scheduled auctions or bank repossessions -- up 14 percent from a month ago and up 118 percent from a year ago.
According to new data from the Mortgage Bankers Association's latest Weekly Mortgage Applications Survey for the week ending September 2, 2022, U.S. mortgage applications decreased 0.8 percent from one week earlier.
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