Black Knight reported that mortgage loan forbearances rose the week ending June 19th for the first time in 3 weeks by 79k. There are now 4.68 million homes in forbearance, which is 8.8% of all mortgages. But there are many people who are officially in forbearance, but they have still made their mortgage payments on time.
The Mortgage Bankers Association reported that purchase loan applications dropped for the first time in 10 weeks during the week of June 15th.
Still mortgage loan purchase applications are 18% higher than a year ago!
New single-family home sales surged by 16.6% in May to an annual rate of 676k. Sales are up 12.7% from a year ago. To reduce the housing shortage this number needs to be over 1 million for several years to come. Demand is there, but labor constraints and high construction costs is keeping this from happening.