Commercial and multifamily developments and activities from MBA important to your business and our industry.
Category: News and Trends
CRED iQ: Commercial Loan Modifications Surged in 2023
CRED iQ, Wayne, Pa., reported the number of commercial loan modifications jumped significantly in 2023 from 2022. And, the firm anticipates that trend will persist in 2024.
CCMS Society Kicks Off CCMS Cares Campaign
The Mortgage Bankers Association’s Commercial Certified Mortgage Servicer Society’s Philanthropic Committee has launched CCMS Cares: Supporting Families in Need, a year-long campaign seeking to support families burdened by the extraordinary expense of caring for a critically ill or injured child.
MBA Opposes Biden Administration’s Rent Control Proposal on LIHTC-Financed Multifamily Properties
MBA President and CEO Bob Broeksmit, CMB, released a statement on the Biden administration’s planned announcement to impose a 10% limit on annual rent hikes at properties supported by the Low-Income Housing Tax Credit (LIHTC).
Gen Z to Spend $145,000 on Rent by 30, RentCafe Finds
An average member of Generation Z will spend $145,000 on rent by their 30th birthday, RentCafe, Santa Barbara, Calif., found, noting millennials spent $127,000 during that period of their lives (14% less).
Construction Spending Dips Again in February
The U.S. Census Bureau reported construction spending dipped again during February to a seasonally adjusted annual rate of $2,091.5 billion, 0.3% below January’s $2,096.9 billion figure.
Fitch: Life Insurers CRE Risks Grow; Remain Within Ratings Expectations
Fitch Ratings, New York, said the U.S. life insurance sector has “material exposure” to commercial real estate, but noted insurer ratings are unlikely to move due to potential CRE losses.
Dealmaker: M&T Realty Capital Corp. Announces Two Transactions in New York
M&T Realty Capital Corp., Baltimore, announced two loans in New York State.
MBA Releases 2023 Rankings of Commercial/Multifamily Mortgage Firms’ Origination Volumes
According to a set of commercial/multifamily real estate finance league tables prepared by the Mortgage Bankers Association (MBA), the following firms were the top commercial/multifamily mortgage originators in 2023.
RealPage Survey Reveals Multifamily Fraud Is on the Rise
RealPage, Richardson, Texas, found more than 75% of survey participants report an increase in rental fraud in their multifamily communities in the past year.