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There is a distinction in examining renter trends that often gets overlooked. One of the smartest guys in this business is a research guru at a large owner, who bristles at the idea that there are "shadow markets." In conversations about rental markets, and rightly so, I believe, the point is made that in most metropolitan areas, there have always been renters in a wide variety of housing types and that no one is hiding in the shadows, even though that term has gained great popularity. A leading expert in monitoring markets nationally, Greg Willett, MPF wunderkind and the sultan…

By Keat Foong, Executive Editor When reporting on multifamily finance in the 2000s, I came across a common refrain from desperate mortgage bankers again and again: “There is a surplus of money chasing a limited amount of product.” This intensely competitive environment—for lenders, that is—went on for years, seemingly never ending. But the capital “surplus” environment did come to an end. What Sam Chandan, chief economist of Reis, said recently at the company’s third quarter briefing throws light on the situation. He cited an essay about banking crises. Such a crisis happened, famously, in Japan in the 1980s. The cycle…

"There's something happening here What it is ain't exactly clear"© Buffalo Springfield The recent employment situation report from the Bureau of Labor Statistics released today show a decline in payroll employment of over 530,000 jobs in November, the ugliest report since 1974. Major revisions to earlier releases including September and October suggest that in the past three months combined, the U.S. has lost 1.256 million jobs. The unemployment rate increased to a staggering 6.7%. According to some analysis of the Mortgage Bankers Association data, about 10% of all U.S. households are in default in one way or another on their…

With so many companies now cutting back on holiday celebrations, this could be the season when property managers can really make a difference in their residents’ lives as well as in their communities. Simple opportunities for get-togethers may now be appreciated more than in previous years when budgets were more lavish. Perhaps the time is right for a return to basics, like a homemade cookie exchange or carol singing. This is the time of year that people especially value warm greetings and times together. They're a welcome antidote to the worrisome headlines of daily news reports.. And with reduced corporate…

Are we bailing on the automakers? Any astute observer of the auto industry will tell you that there is pretty direct correlation between auto sales and housing starts. It's likely that the home equity mortgage withdrawal from the wealth effect is part of the cause, but more importantly the auto industry has created millions of jobs and helped to create the middle class. Taking a moment to look at the history of the industy, since the 1950s, the unions have held an iron grip on labor negotiations, forcing the big 5, now the big 2 (you gotta wonder about Chrysler)…

According to RealtyTrac and some other sources tracking foreclosure activity, approximately 280,000 foreclosure filings occurred in October, up about 5% from the prior month, but up almost 25% year over year. Foreclosures were probably accelerating at a more rapid pace than these numbers might suggest because many states enacted measures to slow or change the process, thereby skewing the resulting counts. To give you an example, those fun loving legislators in Colorado lengthened the process from 45-60 days to 110-125 days, and New York, historically not a huge foreclosure problem compared to other states, now requires that subprime mortgagees be…

The apartment sector had been holding out relatively well compared to other industries, but it too will succumb to the massive loss of jobs that is expected to accelerate as we go into 2009. Through the third quarter, the national apartment vacancy rate according to the Census Bureau was 10.7 percent, only 0.3 percent higher compared to the same period a year ago and still below the level in 2003-04, reported the National Multi Housing Council (NMHC). And rents continued to rise through September, albeit at a slower rate and less than the rate of inflation. The apartment fundamentals however,…

In a stunning announcement, Timothy Geithner was named as President Elect Obama's pick for Treasury Secretary, replacing Henry Paulson. To give you some idea, "Timothy F. Geithner became the ninth president and chief executive officer of the Federal Reserve Bank of New York on November 17, 2003. In that capacity, he serves as the vice chairman and a permanent member of the Federal Open Market Committee, the group responsible for formulating the nation's monetary policy.
 
 Mr. Geithner joined the Department of Treasury in 1988 and worked in three administrations for five Secretaries of the Treasury in a variety of positions….

Oh, those happy go lucky guys at AIG are at it again. Having been the fortunate beneficiaries of millions in taxpayer funds, they've now held another retreat and are claiming it was for educational purposes for the investment broker network. Isn't the investment broker network responsible for how we got into this mess in the first place? According to AIG, the meeting was at minimal cost, compared to the value these events supposedly create and get this – if AIG can't get the brokers to sell their products to the right customers for the right purposes, then the brokers will…

Green design has become more popular in recent years in large multifamily and commercial building planning. Take, for example, the Conference Center at the newly re-opened TreePeople Center for Community Forestry in Los Angeles, which recently was awarded LEED Platinum certification. TreePeople is an environmental non-profit. Its Conference Center provides a gathering place for local, national and international leaders to meet and create plans for sustainable cities. Which brings us to another growing green practice: Building sustainable communities. Using green design when planning new multifamily buildings can help maximize energy efficiency and decrease any negative impact a single high-rise structure…