Federal Housing Administration removes temporary COVID-19 underwriting mitigants for multifamily transactions
The Federal Housing Administration (FHA) announced at the Mortgage Bankers Association Commercial/Multifamily Finance Convention & Expo that it is removing temporary COVID-19 underwriting mitigants for multifamily transactions insured under Section 223(f) of the National...
Multifamily jobs up in December
The latest Employment Situation Report from the Bureau of Labor Statistics (BLS) stated that the numbers of both residential construction jobs and apartment operations jobs were both up for the month. However, this report...
Remodeling demand remained strong in 2021 despite supply chain problems
The remodeling industry saw strong demand throughout 2021 despite supply chain problems and rising costs, according to experts at a press conference hosted by the National Association of Home Builders (NAHB) Remodelers at the NAHB International Builders'...
Housing affordability will remain a significant challenge in 2022
Low existing home inventory and strong buyer demand will keep housing moving forward in 2022 even as builders continue to grapple with ongoing building material production bottlenecks and labor shortages that will limit the pace of construction...
Soaring construction costs drop housing affordability to lowest level in a decade
Supply-chain bottlenecks that put upward pressure on home prices along with rising interest rates contributed to housing affordability falling to a 10-year low. And ongoing production challenges and the likelihood of higher interest rates in the months...
Residential construction spending continues rise in December
The Census Bureau’s report on construction spending shows that the value of residential construction put in place in December was up 1.1 percent from the revised level of the month before. Residential construction spending...
Job openings remain high as hiring falls in December
The December Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics (BLS) said that the number of job openings increased slightly for the month. Both hiring and separations fell, but...
Multifamily property prices rise at record rate
The latest CoStar report on the changes in the prices of commercial property in the United States said that the quarterly index of multifamily property prices rose 15.6 percent over the last 12 months....
January apartment market conditions show improvement
Apartment market conditions generally improved according to the National Multifamily Housing Council’s Quarterly Survey of Apartment Market Conditions for January 2022. The Market Tightness (69), Sales Volume (59), and Equity Financing (67) indexes all...
California seeks to bind landlords – Update
A new law working its way through the California legislature would make it more difficult for owners of rent-controlled properties in the state to remove those properties from the rental market. ***Update*** The bill's sponsor, Alex...
Prediction: 2022 will be a good year for multifamily housing
In its U.S. Multifamily Outlook for Winter 2022, Yardi Matrix forecasts that the fundamentals of the multifamily housing business will remain strong in 2022 as the wider economy continues its recovery. It’s the economy Yardi Matrix...
Fannie Mae raises multifamily starts forecast
Fannie Mae’s January economic and housing forecasts call for higher multifamily housing starts in 2022 and 2023 than in earlier forecasts. They also call for slightly lower GDP growth and slightly higher inflation in...
Multifamily property prices continue record rise
A new report from Real Capital Analytics (RCA) said that multifamily property prices rose 23.6 percent year-over-year In December. This is the fourth month in a row where the annual increase in the apartment...
Remodeler sentiment continues to improve year-over-year
The National Association of Home Builders (NAHB) released its NAHB/Royal Building Products Remodeling Market Index (RMI) for the fourth quarter, posting a reading of 83, up four points from the fourth quarter of 2020. The finding is...
Planning the future of New York housing
New York Governor Kathy Hochul’s State of the State report for 2020 identifies a number of goals and proposes several programs to improve access to housing in the state. The overarching goals defined in the...
