MBA Weekly Survey Jan. 4, 2023: Mortgage Applications Down 13% over Holidays
Mortgage applications fell by 13.2 percent over the two-week holiday period to their lowest level in 26 years, the Mortgage Bankers Association reported Wednesday in its Weekly Mortgage Applications Survey for the weeks ending December 23 and December 30.
CFPB: Annual Report on Credit Reporting Companies Cites ‘Ongoing Challenges’
The Consumer Financial Protection Bureau on Tuesday issued its annual report on the industry’s three largest credit reporting companies, based on nearly a half-million complaints it received about TransUnion, Equifax and Experian.
Annual Home Price Growth Slows to Two-Year Low
CoreLogic, Irvine, Calif., said year-over-year home price growth ended its 21-month streak of double-digit momentum in November, posting an 8.6% gain, the lowest rate of appreciation in two years.
Construction Spending Up 0.2% Amid Growing Headwinds
The Census Bureau on Tuesday reported construction spending in November rose to a seasonally adjusted annual rate of $1,807.5 billion, 0.2 percent higher than the revised October estimate of $1,803.2 billion and 8.5 percent higher than a year ago.
MBA Chart of the Week: New, Existing Home Sales
We are forecasting a weak start to 2023 for the housing market. Driven by a recession in the first half of the year and a continuation of the trends outlined above, we expect a 13% drop in existing home sales and a 4% decrease in new home sales for 2023, following 16% decreases in both segments in 2022.