Construction spending rose 1.2% during April, the Census Bureau reported Thursday.
Category: News and Trends
Investor Home Purchases Down Record 49% Year-Over-Year, Redfin Finds
Redfin, Seattle, reported real estate investors purchased nearly 49% fewer homes year-over-year in the first quarter, the largest annual decline on record.
Ksenia Potapov from First American: First-Time Home Buyer Affordability Outlook Mixed, but Affordable Markets Remain
The affordability outlook is mixed, but there are markets that remain affordable for the potential first-time home buyer, like Buffalo, Pittsburgh and Detroit, despite the turbulence of today’s housing market.
CBRE Projects Office Market Imbalance to Improve as Construction Cools
CBRE, Dallas, reported the supply and demand imbalance in the office market should begin to ease as the number of planned new office developments falls in the next few years.
Dealmaker: Dwight Capital & Dwight Mortgage Trust Finance $96M
Dwight Capital, New York, and its affiliate REIT, Dwight Mortgage Trust, closed $96 million for properties in three states.
MISMO Launches New Version 3.6 of the Reference Model
MISMO®, the real estate finance industry’s standards organization, today announced that Version 3.6 of the MISMO Reference Model has reached “Candidate Recommendation” status, meaning that it has been thoroughly reviewed by a wide range of organizations and industry participants and is available for use across the industry.
Zillow: 82% of Adults Support Building More Housing in Neighborhoods to Address Affordability
Zillow, Seattle, found 82% of adults support building at least one type of multifamily housing in their neighborhood to address problems with home affordability.
Quote: June 2, 2023
“While investors have pumped the brakes on home purchases, they’re still scooping up a bigger share of homes than they were before the pandemic, which can create challenges for individual buyers at a time when there are so few homes for sale.”
–Sheharyar Bokhari, Senior Economist with Redfin, Seattle.
MBA: Commercial, Multifamily Mortgage Delinquency Rates Increase in First Quarter
Commercial and multifamily mortgage delinquencies increased in the first quarter, according to the Mortgage Bankers Association’s latest Commercial/Multifamily Delinquency Report.
ULI Forecasts Slow GDP Growth in Short Term
The Urban Land Institute, Washington, D.C., predicted positive but slow growth for the U.S. economy until 2025–which should bring a return to stronger growth and average inflation–in its semiannual Real Estate Economic Forecast.