Construction industry

The CFPB is requesting input on adding specifications that are intended to alleviate TRID compliance concerns on construction-to-permanent single-close loans and those requiring separate construction and home loan closings.

The S&P Supercomposite Homedbuilders Index dropped 16% this week as investors grow concerned over a recession and surging mortgage rates.

Prices for new construction dropped in May. In comparison, April construction raised to a 1.81 million rate, the highest since 2006.

The commodity's price fell to the lowest it has been since September as interest rates continue to rise.

Although seasonal slowing and limited inventory have temporarily reduced prospective financing, the number sales in the sector hit nearly 1 million in November, according to the Mortgage Bankers Association.

U.S. home construction starts strengthened in November to the fastest pace in eight months, suggesting builders are making a bit more headway on backlogs even as supply and labor constraints linger.

On Tuesday, lumber futures were trading around $735.70 per 1,000 board feet in Chicago, more than double the pre-pandemic five-year average around $356.

Sales of new U.S. homes increased in September to the highest level in six months, underscoring solid underlying demand.

While September's single-family starts were unchanged from the prior month, multifamily activity fell 5%, according to government data.

But overall improvement in September employment numbers are likely to encourage the Federal Reserve to begin tapering their asset purchases.