Strong demand for distressed properties lifted the average sale price at foreclosure auction to an eight-year high and generated surplus funds above total debt owed for nearly half of homes sold at foreclosure auction in the third quarter, said Auction.com, Irvine, Calif.
Category: News and Trends
October Second-Home Demand Up 70% From Pre-Pandemic Levels
Redfin, Seattle, said while demand for vacation homes has cooled slightly since the start of the year, it’s expected to remain above pre-pandemic levels as many Americans take advantage of more permanent remote-work policies.
Housing Starts Fall 3rd Straight Month
Housing starts fell for the third straight month in October, HUD and the Census Bureau reported Wednesday, although multifamily starts picked up, as did housing permits.
Dealmaker: Institutional Property Advisors Brokers 10 Multifamily Property Sales for $568M
Institutional Property Advisors, Ontario, Calif., closed 10 multifamily asset sales totaling 2,290 units in San Antonio, Texas. The sales totaled $568.45 million.
CBRE: CRE Lending Soars as Markets Enter Expansion Phase
CBRE, Dallas, reported commercial real estate lending activity surged in the third quarter, reflecting rebounding property acquisitions activity.
CREF22 in San Diego, Feb. 13-16
The Mortgage Bankers Association’s Commercial Real Estate Finance/Multifamily Housing Convention & Expo takes place Feb. 13-16 at the Manchester Grand Hyatt in San Diego.
Industry Briefs Nov. 18, 2021: nCino to Acquire SimpleNexus for $1.2 Billion
nCino, Wilmington, N.C., announced it will acquire SimpleNexus, Lehi, Utah, for $1.2 billion.
Quote
“The number of new lenders entering the market or existing lenders expanding their programs is extraordinary. Capital chasing equity-like returns has found it more difficult to invest, and many have pivoted to high-yield debt strategies, such as real estate, that provide attractive risk-adjusted returns.”
–Brian Stoffers, CMB, Global President of Debt & Structured Finance for Capital Markets at CBRE (and past MBA Chair).
MBA Weekly Applications Survey Nov. 17, 2021: Refis Fall for 7th Time in 8 Weeks
Mortgage applications fell by nearly 3 percent from one week earlier as interest rates crept higher, the Mortgage Bankers Association reported Wednesday in its Weekly Mortgage Applications Survey for the week ending November 12.
Faith Schwartz of Housing Finance Strategies: Three Keys to the Future of Appraisal
There can be no debate that bias must be eradicated from the collateral valuation process. While some may question the cause or amount of bias, the fact is we need to eliminate any bias from the system.