Multifamily mortgage debt sources shift in Q3
A Mortgage Bankers Association (MBA) report shows that growth in multifamily mortgage debt outstanding in Q3 2023 was up from that in Q2. Growth in multifamily mortgage holdings was down from the Q3 2022...
Fed backs off higher for longer
Federal Open Market Committee (FOMC) met this week and decided to keep the Fed Funds rate unchanged. However, the Federal Reserve’s updated forecasts for key economic metrics projected that interest rates will start to...
Eat your vegetables!
When my cousin was five, he hated peas. Passionately. I remember one family dinner at my grandmother’s house where he had consumed everything on his plate except a small pile of green peas and...
Construction materials prices edge higher in November
The producer price index (PPI) report from the Bureau of Labor Statistics (BLS) stated that construction materials prices were up 0.2 percent month-over-month in November on a seasonally adjusted basis. However, last month’s price...
HUD proposes 30 day eviction notice for PHAs and PBRA housing
The Department of Housing and Urban Development (HUD) is proposing a rule that would require public housing agencies (PHAs) and properties receiving project-based rental assistance (PBRA) to give tenants 30-day written notice prior to...
Mixed picture for multifamily employment
The Employment Situation Report from the Bureau of Labor Statistics stated that November employment levels in 3 of the 4 multifamily-related job categories we track were below the preliminary levels reported last month. Overall employment...
CMBS delinquencies fall as large loan cures
Trepp reported that delinquency rate for multifamily commercial mortgage-backed securities (CMBS) loans declined slightly in November, falling 18 basis point. The delinquency rate for the overall market also fell as a large industrial loan...
Yardi Matrix reports falling rents in November
Yardi Matrix reported that national average apartment rent fell $6 in November, compared to the revised rent level of the month before. The average rent fell to $1,713 per month. The national average year-over-year...
Multifamily construction spending weakens
The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in October was down 0.2 percent from the revised level of the month before. Spending on...
October job openings fall sharply
The Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics (BLS) said that the number of job openings in October was 8.73 million. This was reported to be down 617,000...
CoStar: Multifamily property prices fall in October
CoStar reported that its value-weighted index of multifamily property prices fell 1.3 percent month-over-month in October 2023, reversing last month’s reported gain. This index was down 16.5 percent year-over-year. The value-weighted index of non-multifamily commercial...
New requirements for green mortgage insurance premium compliance reporting
The Department of Housing and Urban Development (HUD) has announced revised compliance reporting requirements for participants in its green mortgage insurance premium program. This program was established in 2016 to provide reduced mortgage insurance...
Rents continue winter decline
The latest rent report from Apartment List shows that the national median monthly rent growth in November was -0.9 percent. Year-over-year rent growth was -1.1 percent. Apartment List reported the national median apartment rent to...
DOJ weighs in on RealPage suit
The Biden Department of Justice (DOJ) has come down on the side of the plaintiffs suing RealPage and many property management companies over their use of revenue management software in setting rents. The DOJ...
Is multifamily distress ahead?
A research brief from Gray Capital looks at the impact of the emerging “higher for longer” interest rate environment on multifamily property. It finds that near-term distress may arise as borrowers seek to replace...
