Redfin, Seattle, reported asking rents declined 2.1% year-over-year in November–the biggest annual drop since immediately pre-pandemic in February 2020.
Category: News and Trends
CMF Quote of the Week: Dec. 21, 2023
“Single-family rent increases continued to moderate in October, slowing to the lowest annual growth rate in more than three years.”
–Molly Boesel, Principal Economist for CoreLogic
CREF Policy Update Dec. 21: MBA Joins Letter in Support of the Workforce Housing Tax Credit Act
Commercial and multifamily developments and activities from MBA important to your business and our industry.
MBA: Commercial and Multifamily Mortgage Debt Outstanding Increased by $37 Billion in Third-Quarter 2023
The level of commercial/multifamily mortgage debt outstanding increased by $37.1 billion (0.8%) in the third quarter of 2023, according to the Mortgage Bankers Association’s (MBA) latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report.
KBRA CMBS Outlook: Cloudy, With a Glimmer of Hope
Kroll Bond Rating Agency, New York, just released its CMBS 2024 Sector Outlook, which forecasts U.S. issuance activity for the new year and highlights key credit trends from 2023. MBA NewsLink interviewed KBRA’s Larry Kay and Andrew Foster to get their views on the current lending environment and property fundamentals as well as factors that may affect overall property performance in 2024.
Urban Institute: How Housing Counselors Are Navigating Challenges
The Urban Institute, Washington, D.C., on Thursday released research on the experiences of HUD-certified housing counselors who mobilized to serve renting families during the pandemic and their reflections on the evolving needs of renters post-pandemic.
MBA Comments at Congressional Hearing on Housing Affordability, Governmental Barriers and Market-Based Solutions
The Mortgage Bankers Association weighed in yesterday at the House Financial Services Committee’s Subcommittee on Housing and Insurance hearing on housing affordability, governmental barriers and market-based solutions.
PACE Loan Group’s Rafi Golberstein: Get Cap Stack Flexibility, Look-Back Capital and Quick Closing With C-PACE
C-PACE (Commercial Property Assessed Clean Energy) is a solution for property upgrades that enhance energy efficiency, incorporate renewable energy sources, save water, and bolster building resilience.
Dealmaker: Bandon Capital Advisors Secures $20M for California Industrial Property
Bandon Capital Advisors, Los Angeles, secured $20 million to refinance a 7-acre site with industrial outdoor storage and an industrial building in El Monte, Calif.
CMBS Special Servicing Rate Ticks Upward in November: Trepp
Trepp, New York, reported the commercial mortgage-backed securities special servicing rate increased 4 basis points in November to 6.84%.