Redfin, Seattle, reported asking rents rose 2.2% year-over-year to $1,981 in February. They also grew by 0.9% from January.
Category: News and Trends
MBA Opens Doors Foundation Receives $1 Million Pledge from Equity Prime Mortgage
The MBA Opens Doors Foundation (Opens Doors) announced that Eddy Perez, Founder and CEO of Equity Prime Mortgage (EPM), has pledged $1,000,000 over 10 years in honor of the late former MBA President and CEO David H. Stevens, CMB.
MBA Statement on the Biden Administration’s Housing Affordability Initiatives Warns Against CFPB Reforms on Closing Costs, Title Insurance
MBA’s President and CEO Bob Broeksmit, CMB, released a statement on the Biden administration’s announcements on housing at the State of the Union address.
CBRE: North American Data Center Pricing, Supply Remain Strong in Primary Markets
CBRE, Dallas, found the primary market supply for data centers in North America grew 26% year-over-year in 2023.
CRED iQ: Multifamily Distress Rate Up 80 Basis Points in February
CRED iQ, Wayne, Pa., reported the Distress Rate for all property types trimmed 4 basis points in February to 7.35%. However, the multifamily distress rate was up 80 basis points–the largest monthly increase in that sector in more than a year and a half.
HUD Secretary Marcia L. Fudge to Resign March 22
Marcia L. Fudge, the 18th Secretary of the U.S. Department of Housing and Urban Development, announced she will resign effective March 22, 2024.
Dealmaker: Gantry Secures $28 Million to Refinance Medical Office Building in the Los Angeles Area
Gantry, San Francisco, secured a $28 million permanent loan to refinance the Torrance Memorial Lundquist-Lurie Cardiovascular Center in Torrance, Calif.
Permits for Homes Fell in 2023, Point2 Reports
Point2, Saskatoon, Saskatchewan, released its Housing Construction Report for the U.S., finding that 70% of U.S. metros experienced declines in permitting in 2023.
CMF Quote of the Week: March 14, 2024
“Thanks to Secretary Fudge, we’ve helped first-time homebuyers, and we are working to cut the cost of renting. And there are more housing units under construction right now than at any time in the last 50 years.”
–President Joe Biden on the retirement of Marcia L. Fudge, Secretary of the U.S. Department of Housing and Urban Development
CREF Policy Update March 14: SEC Finalizes Climate-Related Disclosure Rules; Scope 3 Excluded
Commercial and multifamily developments and activities from MBA important to your business and our industry.