Multifamily CMBS delinquency rate jumps in November
Trepp reported that delinquency rate for multifamily commercial mortgage-backed securities (CMBS) loans rose sharply in November, more than reversing last month’s decline. The overall CMBS delinquency rate also rose, climbing another 42 basis points...
Job openings higher in October
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 7.74 million. This was reported to be up 372,000...
Multifamily construction spending slide continues
The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in October was up 0.16 percent from the revised level of the month before. Spending on...
CoStar: multifamily property prices higher in October
CoStar reported that its value-weighted index of multifamily property prices rose 1.4 percent month-over-month in October. This index was down 7.1 percent year-over-year. Note that the month-over-month price movement reported by CoStar varies significantly from...
SFR rents rise, but more slowly
CoreLogic reported that their single-family rent index (SFRI) for September rose 2.0 percent from its year-earlier level. This is down 0.4 percentage points from last month’s reported year-over-year rent growth rate and is down...
Multifamily starts forecast to rise throughout 2025 and 2026
Fannie Mae’s November housing forecast calls for multifamily housing starts to bottom out at the end of 2024 and then to steadily increase through the rest of the forecast horizon. Despite the growth, the...
MSCI: Multifamily property prices lead decline in October
The latest commercial property price report from MSCI Real Capital Analytics said that multifamily property prices fell 0.3 percent in October from their level of the month before. Prices were down 6.1 percent from...
Multifamily starts higher despite fall in permits
The Census Bureau’s new residential construction report stated that multifamily starts moved higher after last month's fall. However, both multifamily permits and completions were lower for the month. The number of permits issued for buildings...
Multifamily CMBS special servicing rate higher in October
Trepp reported that special servicing rate for multifamily commercial mortgage-backed securities (CMBS) loans moved higher for the third month in a row in October, rising another 14 basis points. The overall CMBS special servicing...
Construction materials prices rise in October
The producer price index (PPI) report from the Bureau of Labor Statistics (BLS) stated that construction materials prices rose 0.3 percent month-over-month in October on a seasonally adjusted basis. However, the change in construction...
Multifamily mortgage originations rise and return to seasonal pattern
A report from the Mortgage Bankers’ Association (MBA) says that multifamily mortgage originations were up 56 percent year-over-year in Q3. Originations of all commercial mortgages as a single asset class rose 59 percent year-over-year. Commercial...
Rent growth continues seasonal downturn in October
Yardi Matrix reported that the national average asking apartment rent was down $3 in October compared to the revised level of the month before at $1,748 per month. The national average year-over-year asking apartment rent...
Multifamily CMBS delinquency rate declines in October
Trepp reported that delinquency rate for multifamily commercial mortgage-backed securities (CMBS) loans fell in October, breaking a string of 5 consecutive monthly increases. However, the overall CMBS delinquency rate continued to rise, climbing 28...
Rent control fails (again) in California
Proposition 33, the latest attempt to open the door to rent control in California, went down to defeat Tuesday. It was supported by only 38.4 percent of the voters compared to the 61.6 percent...
Multifamily construction spending continues to fall
The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in September was down 0.10 percent from the revised level of the month before. Spending on...
