“Commercial and multifamily real estate markets are moving past the pain that the COVID-19 pandemic caused in 2020. There remain significant differences by property type, but incomes have rebounded strongly and investor interest in real estate and real estate finance is robust. The result is strong property appreciation and increased transaction activity, both of which is fueling financings.”
–Jamie Woodwell, MBA Vice President for Commercial Real Estate Research.
Last year 2,140 different multifamily lenders provided a total of $359.7 billion in new mortgages for apartment buildings with five or more units, the Mortgage Bankers Association reported.
Delinquency rates for mortgages backed by commercial and multifamily properties declined in July, the Mortgage Bankers Association’s latest CREF Loan Performance Survey reported.
Jones Lang LaSalle Inc., Chicago, appointed Ben Breslau to the newly established role of Chief Research Officer, effective immediately. He will work closely with the firm’s Global Executive Board and chair the firm’s Global Research Executive Board.
Slightly under five million households did not make their rent or mortgage payments in the second quarter, updated research from the Mortgage Bankers Association’s Research Institute for Housing America reported.
The most important asset Fannie Mae, Freddie Mac and the Federal Home Loan Banks have is their human capital, so their compensation must be sufficient to attract and retain top talent, the Mortgage Bankers Association said in a letter to the Federal Housing Finance Agency Tuesday.
On Tuesday the Centers for Disease Control and Prevention issued a new order temporarily halting residential evictions through October 3 in counties with “heightened levels of community [COVID-19] transmission.”
The Centers for Disease Control’s eviction moratorium expired July 31, but the Department of Agriculture, HUD, the Department of Veterans Affairs and the Federal Housing Finance Agency extended their foreclosure-related eviction moratoria until September 30. The agencies issued a joint statement encouraging landlords of properties backed by Fannie Mae or Freddie Mac to apply for Emergency Rental Assistance before starting the eviction process for non-payment of rent.
Allied Market Research, Portland, Ore., said the global commercial real estate brokerage and management market generated $209 billion in 2020 and could reach $424 billion by 2030.
Newmark, New York, sold 296,000-square-foot San Diego office complex Sorrento Towers for $146 million.
