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Tag Archives: Multifamily

Multifamily, Commercial Loans Fared Better During Recession: MBA

When economic times were especially shaky, commercial and multifamily mortgages stood firmly in place compared to other loan types held by banks and thrifts, according to a DataNote from the Mortgage Bankers Association. For example, during the recession, the association noted the amount of commercial and multifamily mortgage debt extended and held by financial institutions remained steady. In addition, commercial and multifamily mortgages had the lowest charge-off rates compared to other loan types.

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Survey Profiles Population of Single-Family Renters

The fast-growing population of single-family renters is more likely to dwell in their home for longer periods of time compared to multifamily occupants, which suggests demand for single-family rentals offers greater stability than the multifamily market, according to a new survey from Premier Property Management Group. In a survey of renters conducted by ORC International, 26 percent of single-family renters said they were more likely to stay in their current home five or more years compared to 22 percent of apartment dwellers. Single-family renters were also characterized as earning more income, but are more likely to have a bigger household.

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Report Recommends More Supervision for GSEs’ Multifamily Businesses

The Office of the Inspector General for the Federal Housing Finance Agency (FHFA-OIG) says in a new report that the agency needs to provide better guidance for investigators examining the GSEs' multifamily loan portfolios. Given the size of their investment and their dominant role in the secondary market, OIG says it is ""imperative"" for FHFA--as conservator of the GSEs--to supervise Fannie Mae and Freddie Mac's multifamily businesses and ensure underwriting standards are being upheld.

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Risk of Default for Renters Down from Year Ago, Up Quarterly

Renters across the country are less likely to default compared to a year ago, but the risk of not fulfilling lease obligations has increased on a quarterly basis, according to CoreLogic’s SafeRent Renter Applicant Risk (RAR) index report. With an index value above 100 indicating less risk, CoreLogic's national index stood at 103 in the Q4 2012, up from 101 in Q4 2011, but down from 106 in Q3 2012.

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Starts Plunge in January; Permits at 4 1/2-Year High

Housing starts plunged 8.5 percent in January--the steepest drop in two years--to a seasonally adjusted annual rate of 890,000, the Census Bureau and HUD reported jointly Wednesday. Applications for residential permits rose 1.8 percent to a rate of 925,000, the highest level since June 2008. Economists had expected start activity to drop to 914,000 in January from the initial report for December of 954,000 starts. Permits, according to the consensus forecast, were expected to increase to 920,000 from the original report of 903,000 in December.

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Fannie Mae Provides $33.8B to Multifamily Sector in 2012

Fannie Mae maintained its position as the largest source for multifamily financing in 2012 after providing $33.8 billion to the sector. The figure translates into 560,000 multifamily units and represents the third highest acquisition year in the company's history. Meanwhile, the Mortgage Bankers Association (MBA) reported commercial and multifamily lending volume increased by 49 percent on a quarterly and yearly basis in Q4 2012.

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Multifamily Sector to Remain Strong with a Few Hiccups in Some Markets

The recent housing crisis and the broader economic climate have led to a strong multifamily housing market nationwide. Marcus & Millichap's recently released National Apartment Report promises another year of expansion in the multifamily market as ""the alignment of powerful demographic and economic trends continues to fortify nationwide apartment performance."" The firm ranks 44 markets based on several forward-looking indicators. Nationally, the firm expects rents to increase between 4 and 5 percent this year as the national vacancy rate reaches 4.3 percent.

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Minnesota Bank Shuttered by Regulators

Multiple bank closures have become commonplace on Friday evenings, but last week, regulators shut the doors on just one institution-1st American State Bank of Minnesota. The bank operated two local branches in Hancock, with $16.3 million in deposits and $18.2 million in total assets. It was acquired by Community Development Bank, also in Minnesota.

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