The Lede
Top National News
With Market Hot, Landlords Slam the Door on Section 8 Tenants
New York Times, Oct. 12, 2018--Glenn ThrushMany landlords are now refusing to accept vouchers when they can get higher rents, without the bureaucratic red tape, on the open market.
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Big Lenders Make Push to Liquidate Sears
Wall Street Journal, Oct. 11, 2018--Suzanne Kapner, Lillian Rizzo (subscription)Some of Sears Holdings Corp.'s biggest lenders were pushing for it to liquidate rather than use bankruptcy protection to try to save an American legend whose stores and catalogs dominated retailing for generations.
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Lenders Fear Worst from Rent Control Measure on California Ballot
National Mortgage News, Oct. 10, 2018--Hannah Lang (subscription)Mortgage lenders are anxiously following a ballot initiative fight over rent control in California that they say could be detrimental for the industry as a whole.
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Sears, the Original Everything Store, Nears a Bankruptcy Filing
New York Times, Oct. 14, 2018--Michael CorkeryA decade ago, Sears employed 302,000. Today, there are about 68,000 people still working at Sears and Kmart and the retailer is preparing a Chapter 11 bankruptcy filing to cut its debts and keep operating at least through the holidays, according to two people briefed on the matter.
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BofA Looks to Fill CRE Lending Void
American Banker, Oct. 15, 2018--Andy Peters (subscription)Commercial real estate lending has fallen out of favor with some lenders, but Bank of America increased its exposure to the segment in the third quarter.
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Apartment Rentals Now Make Up a Larger Share of New Housing Units in the U.S. Than They Have in Decades
National Real Estate Investor, Oct. 17, 2018--Bendix Anderson Apartment rentals have been luring residents away from other kinds of housing since the housing crash, and that is not likely to change in the foreseeable future as new housing preferences and low ownership affordability drive greater demand for apartment rentals.
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CREF Highlights
Commercial and multifamily developments and activities from MBA relevant to your business and our industry.
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Multifamily Demand Remains Strong
Though U.S. multifamily rents remained essentially flat in September--the first month rents had not increased since January--year-over-year rent growth remained healthy at 3.0 percent, reported Yardi Matrix, Santa Barbara, Calif.
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CRE Investors Favor Markets with Young Workforces, E-commerce, STEM Jobs
Dallas/Fort Worth returned to the No. 1 spot for commercial real estate investors due to its young workforce and high business start-up activity, reported PwC US, New York, and the Urban Land Institute, Washington, D.C.
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Online Retailers Invest in Bricks
A record number of e-commerce retailers opened physical stores last year and 850 more are set to open in the next five years, reported JLL, Chicago.
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Higher Mortgage Rates Drive Apartment Investment Market Index Decline
Significant mortgage rate increases once again drove declines in the Freddie Mac Multifamily Apartment Investment Market Index in the second quarter and from a year ago.
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MBA Future Leaders Program Graduates 36 Commercial/Multifamily Real Estate Finance Professionals
WASHINGTON, D.C.--The Mortgage Bankers Association recognized 36 mortgage professionals from the commercial/multifamily market segment in a graduation ceremony for its Future Leaders Program here at the association's Annual Convention & Expo.
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Commercial/Multifamily Briefs
Cushman & Wakefield's Chicago office acquired multifamily institutional investment sales brokerage firm KIG CRE.
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CMBS Delinquency Rate Drops Again; More than $10B in Retail Debt Affected By Sears Bankruptcy
The commercial mortgage-backed securities delinquency rate fell 23 basis points in September to 3.41 percent, reported Trepp LLC, New York.
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