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[ad_1] Mortgage applications for new home purchases fell 9% month-over-month in May at a seasonally unadjusted pace ― the second consecutive month sales of new homes have dropped, according to data released Thursday by the Mortgage Bankers Association. Compared to May of last year, MBA’s Builder Application Survey (BAS) revealed purchases are down 5.9%. On a seasonally adjusted basis, the MBA also estimates new home sales fell at an annualized pace of 4% in May, said Joel Kan, MBA’s associate vice president of economic and industry forecasting. Overall, the MBA estimates new single-family home sales were running at a seasonally adjusted annual rate of 741,000 units in May 2021.  “Since reaching a survey-high 927,000 units in October 2020, the annual pace of new home sales has now fallen around 20 percent, weighed down by low housing inventory and rising prices,” said Kan Lack of inventory and sweltering home prices have become a market norm for much of the industry, and May’s loan size data reported the trend has yet to abate. According to the BAS, the average loan size rose from $377,434 in April to $384,000 in May ―the fourth consecutive month of rising loan sizes and a new survey high. By product type, conventional loans made up 743.9% of loan applications, FHA loans composed 14.8%, RHS/USDA loans cam in around 0.9% and VA loans provided 10.4%.  “Loan balances continue to rise because of a larger share of sales in the higher end of the market, as well as increased sales prices from strong demand and elevated building material costs,” said Kan. Roughly 54% of homes sold in America during May closed at over listing price, according to data from Redfin, a record. Housing starts data from the U.S. Census Bureau on Wednesday painted a more hopeful picture of builders catching up to meet new home sales demand. According to the data, housing starts increased 3.6% in May to a rate of 1.57 million. That’s more than 50% above above the May 2020 rate — when the COVID-19 pandemic was at its height in the country — of 1.05 million. However, construction is still facing headwinds given permits for new developments by homebuilders dropped 3%, largely because lumber and building material costs kept prices high. “Permits for new construction are typically a forward-looking indicator of new starts, and the homebuilding industry continues to grapple with increasing materials costs and delayed deliveries from suppliers,” said Kan. MBA’s BAS uses data from builders’ application volume and estimates the sales ahead of the official new home sales the U.S. Censes Bureau releases each month.  In that data, new home sales are recorded at contract signing, which typically occurs with the mortgage application. The official May home sales report is scheduled to release Wednesday, June 23. The post New home sales fall due to low inventory and high prices appeared first on HousingWire. [ad_2] Source link

[ad_1] The post Lordstown Motors Takes a U-Turn on Orders appeared first on Millennial Money. Lordstown Motors (NASDAQ: RIDE) offered investors some hope earlier this week when executive Rich Schmidt said the embattled electric vehicle (EV) startup had “binding orders” that would cover the first two years of production.  “Currently, we have enough orders for production for ‘21 and ‘22,” Schmidt commented at an Automotive Press Association event on Tuesday. “Those are firm orders we have for those two years.” That announcement came a day after Lordstown ousted CEO Steve Burns and CFO Julio Rodriguez following a special investigation conducted by the board of directors to assess claims made by short seller Hindenburg Research. The investigation had concluded that Lordstown Motors had previously made inaccurate statements regarding pre-orders. The stock had soared on Tuesday following Schmidt’s remarks, sending shares up 11%. It turns out that Schmidt spoke too soon and Lordstown quickly backtracked the statements.  document.addEventListener(“DOMContentLoaded”, function(event) { Highcharts.stockChart(“stockChart-652d6bd351d668dfcf2fa2656454cd22”,{rangeSelector:{selected:1},title:{text:”Lordstown Motors Corp. (NASDAQ:RIDE)Closing Stock Price”},subtitle: {text: “30-Day Historical Data”},navigator: { enabled: false },scrollbar: { enabled: false },credits: { enabled: false },xAxis: { type: “datetime”, labels: { formatter: function() { return Highcharts.dateFormat(“%m %d, %Y”, this.value); }}},colors: [“#118b4e”],rangeSelector : { enabled: false },series:[{name:”NASDAQ:RIDE”,data:[[1621224000000,8.4],[1621310400000,10.09],[1621396800000,11.45],[1621483200000,9.7],[1621569600000,9.58],[1621828800000,9.67],[1621915200000,8.95],[1622001600000,9.44],[1622088000000,10.55],[1622174400000,9.9],[1622520000000,10.33],[1622606400000,12.37],[1622692800000,13.15],[1622779200000,12.52],[1623038400000,13.4],[1623124800000,11.22],[1623211200000,11.23],[1623297600000,10.6],[1623384000000,11.41],[1623643200000,9.26],[1623729600000,10.31],[1623816000000,10.78],],tooltip:{valueDecimals:2,xDateFormat: “%A, %B %e, %Y”}}]}); }); About those orders In a regulatory filing, Lordstown conceded that the purchase agreements it has inked are not actually binding. “To clarify recent remarks by company executives at the Automotive Press Association online media event on June 15, although these vehicle purchase agreements provide us with a significant indicator of demand for the Endurance, these agreements do not represent binding purchase orders or other firm purchase commitments,” the company wrote in the filing. “As previously disclosed in our [amended annual report] for the year ended December 31, 2020, filed with the Securities and Exchange Commission on June 8, 2021, to date, we have engaged in limited marketing activities and we have no binding purchase orders or commitments from customers.” Lordstown adds that the vehicle purchase agreements that it has with fleet management companies designate the company as a preferred supplier while establishing other terms such as down payment requirements and order procedures, but that the agreements may be terminated by either party at any time and do not commit the counterparties to purchase vehicles. Following the disclosure, the stock dipped by as much as 10% in pre-market trading, but was able to recover after the open. Shares climbed and briefly edged into positive territory before dipping back into the red. As of 11:30 a.m. EDT, Lordstown shares were down 2%. Strengthening the executive team Separately, Lordstown also said on Thursday that it had hired John R. Whitcomb to lead the company’s go-to-market strategy. Whitcomb is an industry veteran and most recently served as Director of Global Retail and Sales Technology at General Motors (NYSE: GM). Whitcomb is tasked with developing a strategic business model for Lordstown’s sales and service strategy, including a plan to build out a national sales network. The executive will also be in charge of assessing international opportunities for potential expansion in the future. A bumpy road ahead Overall, Lordstown remains in a precarious position. The company warned last week that it may run out of cash before it can commence production, but suggested that it has additional ways to raise capital. GM is a strategic investor and Lordstown may be able to secure additional funding from the legacy automaker.  Still, the history of inaccurate statements doesn’t instill a lot of confidence in investors. Pick Like A Pro Where to invest $500 right now Before you buy Amazon, or Netflix, or Apple, consider this… The team at Motley Fool first recommended each of those stocks more than a dozen years ago! They discovered Netflix for $1.85 per share, back in the days of DVDs by mail. And recommended Amazon at $15.31 in 2002, before most people were comfortable using credit cards online. And even hit Apple at $4.97 per share, about a month before the release of the very first iPhone. Check out where those stocks are today. The bottom line: a $500 investment in all three of these stocks would be worth more than $200,000 today! And here’s why that’s important: The Motley Fool’s flagship investing service Stock Advisor just announced their top 10 “best buys now” across the entire stock market. Whether you’re starting with $100, $500, or more, you’ll want to get the full details! Email Address Continue Also opt-in to receive Millennial Money! It’s our newsletter devoted to helping you achieve financial freedom. That means you’ll receive new stock ideas, our favorite side hustles, and much more every single week! By submitting your email address, you consent to us keeping you informed about updates to our website and about other products and services that we think might interest you. You can unsubscribe at any time. Please read our Privacy Statement and Terms & Conditions. Click here to learn more .tmfsa-text-widget .ecap-widget { padding: 0 !important; border-left: 0 !important; } The post Lordstown Motors Takes a U-Turn on Orders appeared first on Millennial Money. [ad_2] Source link

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